The EURUSD pair is exhibiting increasingly clear signs of bullish momentum following the emergence of a cup and handle pattern on the one-hour chart. This pattern is recognized as a sophisticated technical formation that typically suggests a continuation of an upward trend. Moreover, the consistent zigzag price structure that forms progressively higher highs and lows further reinforces the optimistic signals in the market.
Additional confirmation comes from the MACD indicator, which is currently situated in positive territory, indicating that buying momentum remains strong. With this robust combination of technical patterns, the likelihood of a EURUSD climb broadens significantly in the short term. As long as the cup and handle formation is maintained and the MACD remains positive, this pair has the potential to continue its upward rally toward higher levels.
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On the 15-minute chart, EURUSD displays an increasingly solid bullish trend characterized by the establishment of a rising trendline that underscores the dominance of buyers. The zigzag pattern, continuously forming higher levels, strengthens the bullish trend signals further, while the upward movement of the Moving Average (MA) provides additional confirmation. This technical combination opens opportunities for EURUSD to continue its ascent and potentially test significant resistance around the 1.17550 level.
Technical Reference: buy if above 1.16795
Potential Take Profit 1: 1.17445
Potential Take Profit 2: 1.17550
Potential Stop Loss 1: 1.16895
Potential Stop Loss 2: 1.16795
