EUR/USD (Euro/US Dollar), a potential bearish reversal scenario is outlined as follows:
Resistance Levels:
The 1st resistance level at 1.0745 is identified as "Pullback resistance," indicating a significant level where selling pressure may emerge after a price retracement. This level suggests that previous buyers might encounter resistance from sellers looking to capitalize on the uptrend.
The 2nd resistance level at 1.0797 is noted as "An Overlap resistance," suggesting a convergence of resistance factors at this level. It indicates a historical level where selling pressure has been observed and may act as a strong barrier to further upward movement.
Support Levels:
The 1st support level at 1.0691 is highlighted as "An Overlap support," indicating a level where buying interest could emerge due to historical price support and convergence of other technical factors.
The 2nd support level at 1.0664 is also described as "An Overlap support," suggesting additional reinforcement of support in this area.
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