(Update) Double Bottom Indicates Potential Support for EURUSD to Shift Towards Uptrend

The EURUSD currency pair shows signs of a potential trend reversal after forming a double bottom pattern near a critical support level. This pattern is commonly viewed as a bullish reversal indicator, especially if the price breaks above the resistance neckline formed by the pattern. With this configuration, the currency pair has a significant chance to escape the ongoing bearish pressure and initiate a new upward trend.

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In line with the analysis of the one-hour chart above, on the 15-minute chart, the EURUSD also presents bullish opportunities as the Stochastic indicator shows a rebound from the oversold zone, supporting potential further gains. This movement could push the EURUSD towards the resistance level of 1.03225.

Technical Reference: buy above 1.01920
Potential Take Profit 1: 1.02975
Potential Take Profit 2: 1.03225
Potential Stop Loss 1: 1.02140
Potential Stop Loss 2: 1.01920