The chart displays the EUR/USD currency pair on a daily timeframe. Here are some key observations and analysis points:Support and Resistance Levels:The chart shows a significant resistance level around 1.10300, which the price has tested multiple times.There is also a prominent support zone between approximately 1.04000 and 1.05000, which has held firm over the past few months.Trendline:An upward-sloping trendline has been drawn from the recent lows in March 2024, indicating a potential short-term bullish trend.Current Price Movement:The price is currently trading around 1.08900 and seems to be following the upward trendline.Candlestick Patterns:The recent candlesticks show some consolidation near the trendline, suggesting that traders are waiting for a clear direction.Potential Scenarios:Bullish Scenario:If the price continues to respect the upward trendline and breaks above the 1.10300 resistance level, it could signal a continuation of the bullish trend. The next target could be higher resistance levels around 1.11000 or above.Bearish Scenario:If the price breaks below the upward trendline, it might indicate a potential reversal or deeper pullback. In this case, the price could revisit the support zone around 1.04000 to 1.05000.Range-Bound Scenario:The price could also continue to trade within the range of the identified support and resistance levels, particularly if there is no significant market catalyst.