The EURUSD currency pair displays a strong technical structure characterized by the emergence of a bullish channel on the 1-hour time frame, indicating that the dominance of buyers remains robust and unshakeable. The price movements forming consecutive bullish waves reveal that buying interest is still prevailing in the short term. The ZigZag indicator reinforces this view with a pattern of higher highs – higher lows, suggesting that the upward structure remains intact. Additionally, the rising Moving Average line signifies that the average price movement continues to trend upward, keeping the bullish bias active.
This bullish momentum is further supported by the MACD, which is positioned in the positive territory, indicating that the momentum push remains healthy for further gains. As long as the price stays within the bullish channel and does not breach the dynamic support area from the MA, the possibility for EURUSD to strengthen will remain on the table. If the buyers can maintain their pressure and break through the nearest resistance, the potential for continued bullish movement towards higher levels will increase significantly. Overall, the combination of price structure and technical indicators provides a solid indication that EURUSD is still on an upward path.
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On the 15-minute chart, EURUSD indicates the potential for further upward movement after forming a solid bullish channel, with the Moving Average line showing a slight flattening but still maintaining an upward inclination, signaling a strengthening of buying pressure. The CCI indicator, recovering from the oversold area, also provides an early indication that the bullish momentum is beginning to form again. In light of these signals, EURUSD has the potential to continue its positive movement and test important resistance levels around 1.16670.
Technical Reference: buy above 1.16150
Potential Take Profit 1: 1.16580
Potential Take Profit 2: 1.16670
Potential Stop Loss 1: 1.16240
Potential Stop Loss 2: 1.16150
