The EURUSD movement on the 1-hour timeframe indicates the establishment of a bullish channel, suggesting that the buyers are beginning to take control of the market. This upward movement follows a successful break above the previous bearish trend’s high point (highlighted in blue), serving as a crucial signal for a change in the short-term trend. Technically, the price structure is now exhibiting more stability above the breakout area, demonstrating that buying momentum is gaining strength despite diminishing selling pressure.
Moreover, the Moving Average (MA) indicator, although flattening out, continues to trend upward, and the ZigZag pattern remains bullish, further confirming that the upward bias is intact. As long as the price holds above the lower channel support, there remains potential for EURUSD to continue its rally, aiming to test the nearest resistance level during today’s trading session. The market is currently focused on whether buyers can maintain their dominance leading into the European session, which could act as a trigger for further intraday bullish movement.
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The established bullish channel on the 15-minute timeframe indicates that the short-term trend for EURUSD is still in a strengthening phase. The ascending direction of the Moving Average (MA) and the MACD indicator positioned in the positive zone reinforce the dominance of buying momentum in the market. With this technical support, EURUSD has the opportunity to continue rising this afternoon and aim for the nearest resistance level at 1.15920 as the next target for its movement.
Technical Reference: buy as long as above 1.15185
Potential Take Profit 1: 1.15790
Potential Take Profit 2: 1.15920
Potential Stop Loss 1: 1.15330
Potential Stop Loss 2: 1.15185
