Emerging bullish channel evident on the hourly chart indicates that buyers are gaining significant control over EURUSD’s movements. The price structure displaying a pattern of higher highs (HH) and higher lows (HL) reveals a strong and consistent upward trend, while the ongoing ZigZag formation pointing upwards shows sustained bullish momentum. Selling pressure appears to weaken as market confidence increases regarding the potential for further price rises.
The Stochastic indicator reversing upward from the oversold territory bolsters the short-term strengthening signal. This technical momentum presents a favorable opportunity for EURUSD to continue its ascent during the US session tonight, particularly if the price maintains itself above the dynamic support area within the established channel. As long as buying pressure is upheld, the chances of testing nearby resistance levels will heighten before the market might enter a temporary consolidation phase.
Recommended
Recommended
Recommended
Recommended
Concurrently, the emergence of a double bottom pattern on the 15-minute chart provides additional confirmation for potential upward movement. The price is beginning to show strong signs of a rebound, backed by a Moving Average (MA) that is now trending upwards. This technical condition strengthens the signal that the bullish momentum remains active, with EURUSD poised to test the resistance zone at 1.16640, provided that it stays above the established support levels.
Technical Reference: Buy above 1.16135
Potential Take Profit 1: 1.16575
Potential Take Profit 2: 1.16640
Potential Stop Loss 1: 1.16195
Potential Stop Loss 2: 1.16135
