The EURUSD currency pair is exhibiting a bullish signal after successfully breaking through the upper boundary of a bearish channel that has been constraining price movement. This breakout suggests a potential shift in trend from bearish to bullish, particularly with the support of the Moving Average (MA) indicator starting to move upwards. When the price trades above the MA, it often serves as an initial confirmation that buying momentum is gaining strength, which paves the way for further rises towards the next resistance level.
If buying pressure continues to build, EURUSD may extend its rally towards the major resistance area, using the MA as a dynamic support that underpins price action. However, traders must remain vigilant for additional validation, such as rising volume or confirmation of bullish candlestick patterns, to ensure this breakout is not merely a false breakout. With technical conditions increasingly favoring an upward movement, the bullish potential grows as long as prices remain above the bearish channel breakout zone.
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The EURUSD shows signs of upward movement on the 15-minute time frame with backing from both the Moving Average (MA) and MACD indicators. Currently, the price is positioned above the MA, indicating that a short-term bullish trend is beginning to form. Additionally, the MACD presents a positive signal, as the MACD line starts to cross above the signal line, indicating an increase in buying momentum. If the price can maintain its position above the MA and the MACD histogram continues to strengthen, the likelihood of an increase towards resistance level 1.08825 emerges.
Technical Reference: buy while above 1.087885
Potential Take Profit 1: 1.08645
Potential Take Profit 2: 1.08825
Potential Stop Loss 1: 1.08025
Potential Stop Loss 2: 1.07885
