After surpassing the resistance level of the ascending triangle formation, EURUSD has seen a correction back towards the upward trend line that supported the development of this pattern. This movement can be classified as a healthy retest, which typically occurs before the price continues to rise further. The technical structure continues to bolster a positive outlook, with the short-term upward trend still intact.
Support from the consistently upward-moving Moving Average (MA) and the ZigZag pattern indicating a continuation of the bullish trend further enhances the likelihood of an increase. As long as the price stays above the main trend line, EURUSD has the potential to strengthen further and test the nearest resistance level soon. Bullish momentum remains prominent, allowing buyers the opportunity to regain control.
Recommended
Recommended
Recommended
Recommended
EURUSD continues to maintain a bullish channel on the 15-minute time frame, with a rising pattern marked by increasing prices and higher lows, affirming buyer dominance in the short term; this situation presents an opportunity for EURUSD to proceed with a bullish trend and prepare to challenge a crucial resistance level at 1.17410.
Technical Reference: buy as long as above 1.16645
Potential Take Profit 1: 1.17270
Potential Take Profit 2: 1.17410
Potential Stop Loss 1: 1.16765
Potential Stop Loss 2: 1.16645
