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08.12.2023 06:04 AM
The EUR/USD chart is indicating the potential for a bearish reversal, with significant support and resistance levels in focus.
Resistance Levels:
The 1st resistance at 1.08324 is characterized as "Pullback resistance." This level implies a zone where selling pressure may emerge, potentially hindering further upward movement. Additionally, the 2nd resistance level at 1.08801 is identified as "An Overlap resistance," further emphasizing its role as a significant resistance zone due to its alignment with key technical levels.
Support Levels:
On the support side, the 1st support level at 1.07575 is labeled as "An Overlap support." This level suggests a potential area where buying interest may emerge, potentially preventing further downward movement. Complementing this, the 2nd support level at 1.06715 is characterized by "An Overlap support," indicating its potential to provide support to the price.
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