The EURUSD currency pair has exhibited a significant trend reversal after successfully breaching a critical resistance zone that had previously hindered price movement. This breakout has coincided with the formation of a price structure characterized by Higher Highs and Higher Lows (HH-HL), indicating a robust signal for the onset of a bullish trend. From a technical standpoint, the Zigzag indicator reinforces this pattern by showing a series of upward movements, signifying that buying momentum is beginning to dominate the market. This situation suggests that selling pressure has subsided, and a potential strengthening phase is developing on the 1-hour timeframe.
Further support is provided by the Moving Average (MA), which now lies below the price, and positive confirmation from the MACD indicator, illustrating sustained bullish momentum. The combination of these signals forms a solid foundation for the likelihood of further upward movement towards the nearest resistance level. If the EURUSD can maintain its position above the breakout area, the probability of testing the next resistance level increases, bolstering the belief that the short-term bullish trend is likely to continue.
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The bullish channel that has formed in the 15-minute timeframe indicates that the EURUSD’s short-term trend remains in a strengthening phase. The upward direction of the Moving Average (MA) and the MACD indicator being in the positive zone reinforce the dominance of buying momentum in the market. With the support of these technical signals, the EURUSD has the potential to continue its ascent today and test the nearest resistance area at 1.15995 as its next target.
Technical Reference: buy while above 1.15180
Potential Take Profit 1: 1.15865
Potential Take Profit 2: 1.15995
Potential Stop Loss 1: 1.15330
Potential Stop Loss 2: 1.15180
