The EURUSD currency pair is continuing its upward movement on the 1-hour time frame, maintaining a bullish structure despite encountering some corrective pressures. Following a brief decline, the price has once again formed a pattern of higher high and higher low (HH-HL), emphasizing that the strength of buyers remains robust. This price structure serves as evidence that market players are taking advantage of any weaknesses to re-enter the market for purchasing, thereby keeping the trend firmly under bullish control.
Support from technical indicators further reinforces this positive outlook. The Zigzag pattern is currently forming a new low that is higher than the previous one, coinciding with the price touching the Moving Average area, which reflects the potential for a healthy rebound. Meanwhile, the strong MACD signal remains in positive territory, confirming that the bullish momentum has not waned. With a solid market structure and aligned indicators, the prospects for EURUSD to continue its ascent look increasingly favorable.
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On the 15-minute chart, the EURUSD is moving within a bullish channel, underscoring the strong dominance of buyers in the short term. The upward trajectory of the Moving Average (MA) indicates consistent momentum, while the bullish zigzag pattern strengthens this uptrend. This technical combination opens up opportunities for EURUSD to continue its gains and test the nearest resistance at the 1.17755 level, as long as the price maintains its position within the established ascending channel.
Technical Reference: buy above 1.17000
Potential Take Profit 1: 1.17605
Potential Take Profit 2: 1.17755
Potential Stop Loss 1: 1.17130
Potential Stop Loss 2: 1.17000
