The EURUSD pair has successfully broken through the upper boundary of a bearish channel, signaling a strong indication that the previous downward trend is reversing. Key technical indicators such as the Moving Average (MA) and the MACD are confirming the bullish potential, suggesting further upward movement.
Currently, the price is trading above the 24-period MA, which serves as a crucial indicator for trend direction changes. Additionally, the MACD shows the signal line crossing above the zero line along with a positive histogram, reinforcing the bullish momentum.
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In alignment with the hour chart analysis mentioned above, the 15-minute chart for EURUSD also reveals bullish potential. This is supported by the CCI, which has rebounded from the oversold territory, enhancing the likelihood of a bullish trend. This situation could propel EURUSD towards the resistance level of 1.04655.
Technical Reference: Buy while above 1.03900
Potential Take Profit 1: 1.04535
Potential Take Profit 2: 1.04655
Potential Stop Loss 1: 1.04000
Potential Stop Loss 2: 1.03900
