The EURUSD pair has managed to avoid forming a lower low and has instead rebounded from its recent low, indicating a weakening of the selling pressure. This rebound occurred precisely from the lower Bollinger Band area, signaling an early potential for a directional change. Currently, the price is making efforts to breach the resistance level of the Bollinger Band, and a successful breakout here could pave the way for further short-term gains.
The bullish momentum is also being bolstered by the MACD condition, which is trending positively and indicates that buyers are beginning to dominate the market. With this technical backing, the EURUSD pair shows promise for further strengthening on the H1 timeframe, especially if it convincingly surpasses key resistance levels. This scenario enhances the outlook for EURUSD to continue its rise toward the next target during tonight’s US session.
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Currently, the EURUSD is situated at the lower Bollinger Band and has successfully bounced off this level, providing an early signal of potential strengthening. Moreover, the CCI indicator, which indicates oversold conditions, further supports the likelihood of a rebound. This suggests that the EURUSD still has the potential to continue rising on the 15-minute timeframe, with a target test at the resistance level of 1.17770 expected later tonight.
Technical Reference: buy above 1.16975
Potential Take Profit 1: 1.17635
Potential Take Profit 2: 1.17765
Potential Stop Loss 1: 1.17130
Potential Stop Loss 2: 1.16975
