The EURUSD pair has once again demonstrated bullish strength after successfully breaking through the upper boundary of the bearish channel established last week. This breakout serves as a significant indicator that selling pressure is subsiding, giving buyers renewed control over the market. The formation of a double bottom pattern on the price chart further reinforces the potential for a directional shift, while the confirmed neckline adds to the confidence in the continuation of the upward trend. This situation reflects a positive sentiment change in the market, with increasing opportunities for gains during tonight’s trading session.
From a technical perspective, the upward expansion of the Bollinger Bands (BB) and the ZigZag pattern, which is creating a rising structure, provide additional confirmation that the bullish momentum is ongoing. As long as prices remain above key support levels, the potential for a continuation rally towards the nearest resistance remains robust. With solid technical indicators and patterns in place, EURUSD is well-positioned to extend its positive trend in the upcoming trading sessions.
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On the 15-minute chart, the bullish structure is well-maintained, indicating that EURUSD still has the potential to continue its upward movement. Buy pressure has begun to rise as the Stochastic indicator shows readings in the oversold area, signaling a potential reversal towards the upside. Supported by this technical momentum, EURUSD has a chance to rise and test the resistance level at 1.17105 in the near term.
Technical Reference: buy while above 1.16335
Potential Take Profit 1: 1.16945
Potential Take Profit 2: 1.17105
Potential Stop Loss 1: 1.16470
Potential Stop Loss 2: 1.16335
