On the hourly chart, EURUSD shows a reinforced bullish potential as the price has successfully breached the resistance area of the Bollinger Bands (BB), coinciding with a bullish channel resistance. This breakout serves as a crucial signal indicating that buyers remain in control while sellers are losing momentum to stifle the upward movement. This technical structure opens the possibility for EURUSD to continue its positive trend in the near future.
Additional support is evident from the CCI indicator, currently in the oversold region, reinforcing the chances for a rebound and further rise. The combination of the breakout resistance and the oscillator’s condition provides a solid technical foundation, enabling EURUSD to extend its rally during the US session tonight and challenge the next significant resistance.
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On the 15-minute chart, EURUSD displays increasingly solid growth opportunities after successfully rebounding from the lower Bollinger Bands (BB) area. This signal is further reinforced by the CCI indicator, positioned in the oversold zone, indicating potential directional reversal towards the bullish side. With this technical combination, EURUSD is poised to continue its rally during the US session tonight to test the nearest resistance at the level of 1.18265, while also paving the way for buyers to maintain short-term upward momentum.
Technical Reference: buy above 1.17615
Potential Take Profit 1: 1.18170
Potential Take Profit 2: 1.18265
Potential Stop Loss 1: 1.17710
Potential Stop Loss 2: 1.17615
