The EURUSD pair is currently near a significant support level following a pullback over the past few sessions. The price movements suggest that this pair remains in a broader upward trend, with key support possibly serving as a turning point. The Stochastic indicator is indicating an oversold condition, signaling a potential directional reversal in the near future. If selling pressure begins to diminish and bullish signals emerge from price action, there is a strong chance for EURUSD to regain its strength.
Recovery confirmation might be seen if the price can remain above the support level and form a reversal pattern, such as a bullish engulfing candle or a pin bar. Additionally, if Stochastic starts to exit the oversold zone with a bullish crossover, the likelihood of a rebound increases. The nearest target for the upward movement is the previous resistance area, while the bullish scenario will remain valid as long as the main support is not breached.
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Currently, EURUSD is moving within a bullish channel on the 15-minute timeframe, indicating that the upward trend is still prevalent. Furthermore, the Stochastic Oscillator is in the oversold area, suggesting that selling pressure has weakened and is creating an opportunity for a price reversal to the upside. If Stochastic starts to rise from the oversold territory, bullish momentum may strengthen, pushing EURUSD towards the resistance level of 1.05225.
Technical Reference: buy while above 1.04280
Potential Take Profit 1: 1.05055
Potential Take Profit 2: 1.05225
Potential Stop Loss 1: 1.04465
Potential Stop Loss 2: 1.04280
