The EURUSD currency pair is exhibiting signs of recovery on the hourly (H1) chart, backed by a blend of technical signals from the Moving Average (MA) and the Stochastic Oscillator. Following a series of selling pressure in recent sessions, the price has successfully broken through the upper boundary of the bearish channel, indicating a potential trend reversal towards an upward direction.
In terms of the MA indicator, the current price is above the 24-period MA line, suggesting a short-term bullish momentum. Should the price maintain itself above this level, the opportunities for further gains appear increasingly promising. Additionally, the Stochastic Oscillator is reflecting a bullish stance as it has managed to rebound from the oversold territory.
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In line with the analysis of the H1 chart mentioned earlier, on the 15-minute chart (15M), EURUSD also presents bullish prospects as the price is able to break out of the bearish channel, with MACD supporting further upward potential. This scenario could propel EURUSD towards the resistance level of 1.04575.
Technical Reference: buy as long as above 1.03350
Potential Take Profit 1: 1.04400
Potential Take Profit 2: 1.04575
Potential Stop Loss 1: 1.03565
Potential Stop Loss 2: 1.03350
