FX.co ★ EURUSD, Day | Potential Bullish Reversal?

The EUR/USD instrument is currently exhibiting bullish momentum. A key factor propelling this momentum is the price's position above a significant ascending trend line, which indicates the potential for continued bullish trends. In this environment, the price might likely bounce bullishly off its 1st support at 1.0783, which stands out due to its classification as an overlap support. This support level further gains prominence with its alignment with both the 78.60% and 100% Fibonacci Projections, emphasizing a Fibonacci confluence. As the price advances, it could target the 1st resistance at 1.0933, which is identified as an overlap resistance and may present an area where the upward momentum could face some challenges.