The EURUSD currency pair has begun displaying clear signs of a robust reversal after the formation of an inverse head and shoulders pattern on the 1-hour chart. This classic pattern serves as a strong indication that the previous bearish pressure is starting to wane, while buyers are gradually gaining control of the market direction. A confirmed price breakout and stability above the neckline area reinforces expectations that the upward momentum will persist, particularly after a prolonged consolidation phase at lower levels.
From a technical perspective, bullish signals are becoming increasingly evident as indicators align favorably. The Zigzag pattern indicating a series of higher lows signifies the strengthening of the bullish trend structure, while the upward-moving Average (MA) provides additional support for this positive movement. As long as prices remain above the neckline and do not breach the nearest support zone, the possibility of continuing the rally towards the main resistance area remains wide open.
Recommended
Recommended
Recommended
Recommended
On the 15-minute timeframe, the price dynamics of EURUSD also reflect a consistent and healthy upward trend. The established bullish channel illustrates the ongoing strength of buyers, while the price position above the trend line and MA further emphasizes the market’s control is on the buyer’s side. With momentum still trending upward, this pair is poised to continue rising during the US session tonight, potentially testing the significant resistance area around 1.16620, which will be critical in determining whether the short-term upward trend can extend further.
Technical Reference: sell below 1.16000
Potential Stop Loss 1: 1.16500
Potential Stop Loss 2: 1.16620
Potential Take Profit 1: 1.16110
Potential Take Profit 2: 1.16000
