FX.co ★ EURUSD, Daily | React off 1st resistance?

The EUR/USD chart is demonstrating bearish momentum with a potential for further downward movement. In the short term, a rise towards the first resistance level of 1.0806 is expected before a possible reversal towards the first support level at 1.0695, which serves as an overlap support. A second support level at 1.0516 acts as a multi-swing low support, reinforcing its potential role as a price floor. The resistance levels are at 1.0806 (an overlap resistance and a 61.80% Fibonacci projection, 50% Fibonacci retracement point) and at 1.1044 (a swing high resistance). An intermediate resistance level at 1.0463 could also pose a significant barrier to upward price movement.