The EURUSD pair has demonstrated renewed bullish strength after breaking through the bearish channel that has been in place since last week. This breakout serves as an important indicator that selling pressure is beginning to ease, while buyers are taking control of market direction. The double bottom pattern visible on the chart further reinforces the potential for a trend reversal, with the neckline having been successfully breached, confirming that bullish momentum continues.
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With regard to indicators, the support from the upward-expanding Bollinger Bands (BB) and the zigzag pattern indicating higher swing formations further instills confidence that the positive trend could persist during today’s afternoon session. As long as prices remain above the nearby support area, the chances for EURUSD to continue rising towards the next resistance level remain promising, reflecting the increasingly strong dominance of buyers in the market.
A bullish channel is beginning to form in the EURUSD pair, signaling the potential for continued upward trends in the short term. The upward direction of the Moving Average (MA) and the MACD remaining in positive territory strengthen this bullish signal. On the 15-minute time frame, prices are currently testing a key resistance level at 1.17430, which will determine whether buying momentum can continue or if there will be a temporary correction before the next ascent.
Technical Reference: buy as long as above 1.16780
Potential Take Profit 1: 1.17454
Potential Take Profit 2: 1.17315
Potential Stop Loss 1: 1.16900
Potential Stop Loss 2: 1.16780
