The EURUSD currency pair on the hourly chart has successfully surpassed the high level of the flag pattern, signaling a strong indication that the buyer dominance remains intact in the market. A breakout from this pattern typically points to a continuing bullish trend, thus paving the way for potential short-term gains. The consistent price response breaking through this significant area also demonstrates that the bullish momentum is still robust during the US session tonight.
From a technical standpoint, the upward movement of the Moving Average (MA) and the Zigzag indicator continuously forming a rising pattern lend additional confirmation to the bullish outlook. With this support, EURUSD is likely to continue its strengthening trend, with the nearest resistance serving as an important level that will be tested by buyers soon. As long as prices do not retreat below the breakout area, the upward prospects remain strong.
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On the 15-minute chart, EURUSD is also signaling an upward movement after successfully breaching the high of the bearish channel during the US session tonight. The bullish momentum is further reinforced by the rising direction of the Moving Average (MA) and the MACD situated in the positive territory. With this technical support, EURUSD has the potential to continue strengthening in order to test the resistance around 1.17610, even though there was a prior price correction or pullback before resuming the upward trend.
Technical Reference: buy as long as above 1.16650
Potential Take Profit 1: 1.17450
Potential Take Profit 2: 1.17610
Potential Stop Loss 1: 1.16815
Potential Stop Loss 2: 1.16650
