The EUR/USD chart is currently encountering significant resistance levels, indicating the potential for a bearish reversal in the near term.
Resistance Levels:
At 1.10060 and 1.11050, we observe two notable resistance levels, both categorized as "Pullback resistance." These levels suggest that the price faces considerable hurdles to continue its upward momentum.
Support Levels:
On the support side, the 1st support level at 1.0932 is identified as "An Overlap support." This level signifies a potential area where buying interest may emerge, offering some support to the price. Additionally, the 2nd support at 1.08800 is also classified as "An Overlap support," further reinforcing its significance as a substantial support zone.