On the 1-hour chart, EURUSD has successfully broken through the high of the flag pattern, signaling a strong indication that buyers are still in charge of the market. The breakout from this pattern generally suggests a continuation of the bullish trend, thereby opening up opportunities for short-term increases. The strength of the buyers is further emphasized by the consistent price action breaking past this critical area, indicating that the bullish momentum remains robust.
From a technical perspective, the upward movement of the Moving Average (MA) coupled with the Zigzag indicator continuously forming an upward pattern provides additional confirmation of the bullish outlook. With this support, EURUSD has a good chance of continuing its strengthening trend, with the nearest resistance level becoming a key point that buyers will test soon. As long as the price stays above the breakout area, the prospects for increase remain intact.
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The 15-minute chart for EURUSD indicates a bullish signal after successfully breaking the high of the bearish channel during the European session this afternoon, a sign that a bullish momentum is starting to take shape. This movement is further reinforced by the upward trajectory of the Moving Average (MA) and the MACD now positioned in the positive area, which provides additional confirmation that buying pressure is more dominant. With this technical backing, EURUSD is likely to continue strengthening, aiming to test the resistance level around 1.17875.
Technical Reference: buy as long as above 1.16775
Potential Take Profit 1: 1.17725
Potential Take Profit 2: 1.17875
Potential Stop Loss 1: 1.16920
Potential Stop Loss 2: 1.16775
