The EURUSD currency pair is demonstrating a more defined recovery following a robust rebound from the Fibonacci golden ratio area, a critical zone that often serves as a turning point for buyers to regain control of the market. This rebound was immediately succeeded by a breakthrough of a significant resistance level, clarifying that selling pressure is beginning to ease and bullish momentum is starting to establish a new foundation. The stable movement within a bullish channel on the one-hour time frame further emphasizes that the strengthening trend remains intact and solid.
Technical support is also increasingly enhancing this upward scenario. A rising Moving Average indicates that the short-term trend is positively oriented, while the ZigZag pattern forming higher lows shows a consistent price flow that favors buyers. The MACD positioned in the positive territory confirms that the bullish push is not solely based on price structure but also stems from an increase in market momentum. This combination opens up prospects for EURUSD to continue its rally towards the next resistance area.
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On the 15-minute time frame, EURUSD is showing consistent strengthening with prices moving steadily within a bullish channel, supported by a continually rising MA and a ZigZag pattern that maintains the uptrend structure. This combination of technical signals underscores the dominance of buyers in the short term and keeps bullish momentum robust, thereby creating opportunities for EURUSD to continue its ascent and test the crucial resistance in the vicinity of 1.16850.
Technical Reference: Buy while above 1.16450
Potential Take Profit 1: 1.16970
Potential Take Profit 2: 1.17115
Potential Stop Loss 1: 1.16570
Potential Stop Loss 2: 1.16450
