
The EURUSD currency pair is poised for further increases after successfully breaking out above the upper boundary of the Bollinger Bands, signaling a strong possibility of continued strength. The price movement that has breached this significant resistance level is reinforced by an increase in trading volume, indicating that buying pressure is prevailing in the market.
Moreover, the MACD indicator adds further confirmation by displaying a clear bullish signal. The MACD line is positioned above the signal line, while the histogram reflects a consistently growing positive momentum. The combination of the Bollinger Bands breakout and the bullish MACD signal fosters optimism among traders, with the potential for further rallies toward subsequent resistance levels.
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The EURUSD pair has consistently demonstrated stable strength on the 15-minute chart displayed above, operating within a steady bullish channel. This upward trend is further supported by the Moving Average (MA) trending upwards, confirming that the bullish momentum remains robust. The ongoing price position above the MA also signifies that buying pressure is dominating, presenting opportunities for this currency pair to continue rallying towards the resistance level of 1.04960.
Technical Reference: buy as long as above 1.04040
Potential Take Profit 1: 1.04800
Potential Take Profit 2: 1.04960
Potential Stop Loss 1: 1.04200
Potential Stop Loss 2: 1.04040