The EURUSD currency pair is showing signs of recovery after failing to create lower lows and bouncing off the strong support area highlighted in blue. This price action indicates that the bearish pressure is starting to weaken, while buyers are gradually taking control in the short term. This is further reflected in the movement of the Moving Average, which is beginning to flatten out and show an upward trend, suggesting that bullish momentum is starting to develop on the 1-hour timeframe.
Additional technical support is provided by the CCI indicator, which has risen from the oversold region, confirming that the potential for an upward correction is increasing. The combination of prices staying above support, MA beginning to trend upwards, and a recovering CCI presents an opportunity for the EURUSD to continue its upward movement in the near future. However, traders should keep an eye on price reactions to the nearest resistance level as a determinant of the sustainability of this bullish momentum.
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Bullish indications for the EURUSD on the 15-minute timeframe are gaining strength as the MA starts moving upward, indicating a shift in momentum towards the positive. Additionally, a newly forming bullish trendline confirms a more consistent buying impetus. With the OsMA indicator remaining in the positive territory, the upward pressure gains additional technical support. This combination of signals opens up the possibility for the EURUSD to continue rising and test the resistance level at 1.15535.
Technical References: buy while above 1.14930
Potential Take Profit Level 1: 1.15460
Potential Take Profit Level 2: 1.15530
Potential Stop Loss Level 1: 1.15010
Potential Stop Loss Level 2: 1.14930
