The EURUSD pair is showcasing a strong bullish potential following a breakout from the established bullish channel. The price movement that breached the upper boundary of the channel serves as an indication that the upward trend is gaining momentum, thereby creating opportunities for further increases. In this favorable scenario, it is anticipated that prices will gravitate towards the next resistance level, driven by positive market sentiment.
Technical indicators such as Moving Average (MA) and MACD are increasingly confirming the likelihood of a rise. The MA trending upwards implies that the mid-term trend is generally bullish, while the MACD positioned above the signal line reinforces the idea that bullish momentum is intensifying. The combination of the breakout from the bullish channel and the positive signals from these indicators enhances the chances of the EURUSD price continuing its bullish trajectory.
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In accordance with the one-hour chart analysis, the EURUSD also presents a bullish opportunity on the 15M chart since the MA is positioned below the current price, indicating strong buying potential. This could bolster the EURUSD upwards towards the resistance level of 1.03500.
Technical Reference: buy while above 1.02815
Potential Take Profit Level 1: 1.03385
Potential Take Profit Level 2: 1.03500
Potential Stop Loss Level 1: 1.02955
Potential Stop Loss Level 2: 1.02815
