The EURUSD pair retains short-term upward potential on the 1-hour chart, as prices have settled around the lower Bollinger Bands. This scenario suggests a likely rebound, especially since the CCI indicator is currently in the oversold zone, which often serves as a reversal point for price movements. Buyers are starting to show renewed interest, signaling an initial indication that selling pressure may ease soon.
From a technical perspective, the combination of prices near the lower Bollinger Bands and a pressured CCI provides sufficient space for EURUSD to retest the nearest resistance levels. As long as prices remain above the current support zone, the prospect for a rebound remains valid. This situation emphasizes that buyers have a chance to push prices higher, keeping the potential for a short-term rise in EURUSD relevant for traders.
Recommended
Recommended
Recommended
Recommended
The potential for a rebound in EURUSD is also present on the 15-minute time frame, where prices are currently situated at lower levels, and the CCI indicates oversold conditions. This technical signal suggests an opportunity for buyers to take control, with the nearest upward target being a significant resistance level at 1.18235.
Technical Reference: buy while above 1.17585
Potential Take Profit 1: 1.18120
Potential Take Profit 2: 1.18235
Potential Stop Loss 1: 1.17680
Potential Stop Loss 2: 1.17585
