The EURUSD pair is currently maintaining a consistent movement within a bullish channel on the 1-hour chart, indicating that buying sentiment continues to dominate the market. Prices are staying above a dynamic support level, reflecting the strength of buyers who are effectively countering selling pressures. As long as the channel structure remains intact without a downward break, the EURUSD is likely to continue its upward trend with limited potential for correction.
From a technical perspective, the bullish trend is further validated by the ZigZag indicator consistently forming a series of higher highs and higher lows. The upward direction of the Moving Average and the MACD remaining in positive territory suggest that the upward momentum is still strong. This combination of signals opens up opportunities for the EURUSD to continue strengthening and test the next resistance level in the near term.
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Meanwhile, on the 15-minute time frame, the EURUSD is showing renewed signs of upward movement with a maintained uptrend. The bullish momentum of the ZigZag indicator and the rising Moving Average affirm the dominance of buyers in intraday trading. Additional support comes from the CCI indicator, which is situated in oversold territory, reinforcing the potential for EURUSD to proceed towards the resistance level at 1.18230.
Technical Reference: buy as long as it remains above 1.17690
Potential Take Profit 1: 1.18110
Potential Take Profit 2: 1.18230
Potential Stop Loss 1: 1.17790
Potential Stop Loss 2: 1.17690
