The EURUSD pair continues to uphold its potential for upward movement on the 1-hour time frame, as the bullish structure remains intact with the formation of higher highs and higher lows. This situation showcases the strong dominance of buyers, particularly since prices have managed to stay above the dynamic support zone without displaying significant selling pressure.
From a technical perspective, the consistently ascending direction of the Moving Average, along with the ZigZag indicator forming a clear uptrend, serves as an additional confirmation for the continuation of the bullish trend. Given this support, EURUSD is likely to maintain its strengthening trajectory and test the nearest resistance level as long as the bullish structure remains unchanged.
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EURUSD presents an opportunity for upward movement following the establishment of an inverse head and shoulders reversal pattern on the 15-minute time frame. The primary confirmation lies in the breakout of the neckline, bolstering the shift in sentiment towards bullish. The technical support continues to strengthen with the rising Moving Average and the ZigZag indicator establishing a bullish structure, thereby opening up further potential for EURUSD to test the resistance area at 1.17730.
Technical Reference: buy as long as above 1.17170
Potential Take Profit 1: 1.17615
Potential Take Profit 2: 1.17730
Potential Stop Loss 1: 1.17270
Potential Stop Loss 2: 1.17170
