FX.co ★ EURUSD, H4 | Bounce off 1st support?

The EUR/USD chart is currently demonstrating bearish momentum and is positioned within a bearish descending channel, indicating potential for continued downward movement. Two significant support levels are at 1.0695 and 1.0623, both functioning as overlap supports that have historically attracted buyers. On the other hand, resistance levels are at 1.0747 and 1.0794, both serving as overlap resistances, potentially slowing upward movement. The second resistance aligns with the 23.60% Fibonacci retracement, further strengthening its position as a resistance area.