The EURUSD pair failed to establish a lower low and instead bounced back from a low point, indicating a weakening of selling pressure. This rebound occurred precisely from the lower area of the Bollinger Band, serving as an initial signal for a potential turnaround. Currently, prices are attempting to break through the resistance area of the Bollinger Band, and if successful, this could lead to further gains in the short term.
The bullish momentum is additionally bolstered by the MACD, which is moving positively, reflecting a growing dominance of buyers taking control of the market. With this technical support, the EURUSD pair has the potential to continue its upward movement on the H1 timeframe, especially if key resistance levels can be convincingly breached. This scenario opens up new prospects for EURUSD’s rise towards its next target.
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On the 15-minute chart, the EURUSD shows potential for a rise as the Moving Average (MA) begins to trend bullish, aligning with a robust MACD that remains in positive territory. This technical condition indicates that the dominance of buyers is still intact, allowing this currency pair to continue its strengthening as it tests critical resistance at 1.17760.
Technical Reference: buy while 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
