The EURUSD currency pair has formed a cup and handle pattern on the 1-hour chart, recognized as a continuation pattern that suggests a bullish trend. The blue area highlighted on the chart may act as a support zone before the price embarks on further upward movement. This pattern becomes increasingly evident as the low points created by the zigzag indicator are connected, indicating a technical structure that favors the continuation of the upward trend. This scenario implies that buyers remain in control of market direction.
Moreover, the MACD indicator, which is positioned in positive territory, further reinforces the bullish outlook for EURUSD. The combination of the cup and handle pattern, zigzag support, and confirmation from the MACD suggests that the potential for upward movement remains significant in the short term. As long as this technical pattern holds, the EURUSD pair is likely to continue its rally and test resistance at higher levels.
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On the 15-minute chart, EURUSD demonstrates a solid bullish inclination with the establishment of a rising trendline that signifies buyer dominance. The zigzag pattern continually forming higher levels further strengthens the uptrend signal, while the upward movement of the Moving Average (MA) adds additional confirmation. This technical combination presents opportunities for EURUSD to continue its ascent and potentially challenge significant resistance near the 1.17885 level.
Technical Reference: buy above 1.17070
Potential Take Profit 1: 1.17740
Potential Take Profit 2: 1.17885
Potential Stop Loss 1: 1.17210
Potential Stop Loss 2: 1.17070
