FX.co ★ EURUSD H4 | Potential bearish reversal?

The EUR/USD chart currently has a bearish momentum, and there's a potential scenario of a bearish reaction at the 1st resistance level, leading to a drop towards the 1st support. The 1st support at 1.0478 is significant as a pullback support, while the 2nd support at 1.0387 is a swing low support.

The 1st resistance at 1.0552 has strong Fibonacci confluence with the 61.80% Fibonacci Retracement and the 78.60% Fibonacci Projection, indicating potential resistance. Beyond this, the 2nd resistance is at 1.0633, identified as an overlap resistance.