EURUSD, H4 | Bounce off support level?

The EUR/USD pair is showing bearish tendencies, emphasized by its movement in a descending channel and its position beneath a bearish Ichimoku cloud, hinting at a possible price reversal. Given these signals, the pair may continue its descent towards the 1st support at 1.0741. This support gains significance from being an overlap support and its alignment with the 161.80% Fibonacci Extension and 100% level. The 2nd support lies at 1.0666, known as a swing low support. If there's an upward shift, the 1st resistance is at 1.0837, marked as an overlap resistance. The 2nd resistance is at 1.0923, another overlap point. In between, an intermediate resistance exists at 1.0802, serving as a pullback resistance.

Analysis are provided by InstaForex

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