The EURUSD pair on the 1-hour chart has started to illustrate the development of a clear bullish channel, following a successful breach of the Bollinger Bands’ resistance area. This movement indicates a fresh push from the buyers, simultaneously creating space for the continuation of the upward trend. The upward trajectory of the Moving Average (MA) further reinforces the bullish outlook, signaling that the technical momentum is now favoring strengthening, allowing EURUSD the potential to continue its rally in tonight’s session.
From a technical perspective, a breakout from the Bollinger Bands’ resistance area typically serves as an early indication of a momentum shift towards a more robust upward trend. With support emerging from the bullish channel and the MA turning positive, the chances for EURUSD to sustain its rally appear increasingly favorable for the upcoming US session. As long as the price remains above the breakout level, the next resistance target is likely to be tested soon, given the solid dominance of buyers maintaining the direction of movement.
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On the 15-minute time frame, EURUSD clearly shows a development of a bullish channel, alongside an upward-moving Moving Average (MA) confirming buyer dominance. This technical condition indicates that the potential for strengthening remains, where EURUSD might continue to rally and test significant resistance at the level of 1.18665.
Technical Reference: buy as long as above 1.17585
Potential Take Profit 1: 1.18490
Potential Take Profit 2: 1.18665
Potential Stop Loss 1: 1.17755
Potential Stop Loss 2: 1.17585
