On the hourly chart, the EURUSD pair continues to move steadily within a well-maintained bullish channel, indicating that market sentiment remains favorable towards buyers. The price’s ability to stay above the dynamic support suggests that selling pressure is not yet strong enough to reverse the current trend. As long as this bullish channel is not breached downwards, the possibility for an upward trend continuation remains open with a relatively controlled risk of correction.
Technical confirmation of this bullish condition can be seen in the ZigZag indicator, which continues to form a series of higher highs and higher lows. Additionally, the ascending Moving Average and a MACD that stays within the positive zone indicate that the strengthening momentum is still robust. This combination of price structure and indicators supports the potential for the EURUSD to continue rising and targeting the nearest resistance area.
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Meanwhile, on the 15-minute time frame, EURUSD also maintains a healthy uptrend structure. The bullish movement of the ZigZag along with a consistently rising Moving Average reinforces the dominance of buyers in the intraday movement. Additional signals come from the CCI being in the oversold area, enhancing the chances for EURUSD to continue rising towards the resistance level of 1.18230 in the short term.
Technical Reference: buy as long as above 1.17690
Potential Take Profit 1: 1.18135
Potential Take Profit 2: 1.18230
Potential Stop Loss 1: 1.17795
Potential Stop Loss 2: 1.17695
