FX.co ★ EURUSD, Day | Bounce off Support?

The EUR/USD pair is currently in a bullish trend, anchored above a crucial ascending trend line, indicating further potential bullish momentum. It is anticipated to rebound bullishly off the 1st support at 1.0989 and move towards the 1st resistance. The importance of this support level comes from its dual role as an overlap support and its alignment with the 61.80% and 50% Fibonacci retracement levels, forming a Fibonacci confluence. If the price drops beyond this, the 2nd support at 1.0832, a previous multi-swing low support, may provide a safety net. On the flip side, the 1st resistance at 1.1252, a former swing high resistance, could pose an initial hurdle. If surpassed, the 2nd resistance at 1.1509, a previous overlap resistance, could be the next significant barrier