The EURUSD currency pair exhibits strong potential for an upward movement following its successful breach of the lower boundary of the bearish channel that previously constrained its price action. This breakout is a favorable signal for traders, suggesting that the prevailing bearish trend might have come to an end.
Moreover, the validation from both the Moving Average (MA) and the Moving Average Convergence Divergence (MACD) indicators adds to this bullish outlook, as they both indicate positive signals. The upward reversal of the MA combined with the MACD crossing above its signal line reinforces the notion that buying strength has regained control of the market.
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Additionally, the EURUSD is poised for an upswing as the Stochastic Oscillator has entered the oversold territory on the 15-minute time frame, indicating that selling pressure has reached a saturation point, thus increasing the likelihood of a rebound. Should the red line of the Stochastic begin to rise and cross the blue line from below, this would signal the early stages of bullish momentum forming, potentially testing the resistance level at 1.04990.
Technical Reference: buy as long as it stays above 1.04365
Potential Take Profit 1: 1.04865
Potential Take Profit 2: 1.04990
Potential Stop Loss 1: 1.04520
Potential Stop Loss 2: 1.04370
