The EURUSD has started to show signs of a directional shift after successfully breaking through a bearish channel on the 1-hour chart. This breakout serves as an early indication of potential trend reversal from selling pressure to buyer dominance. The ZigZag pattern that has also breached a significant resistance area further strengthens the notion that the market is transitioning into a bullish phase, with the formation of short-term upward momentum.
From a technical standpoint, the bullish sentiment is underscored by the MACD indicator, which is currently in positive territory, along with prices sustaining above the Moving Average (MA) line. The combination of channel breakout signals, confirmed by the ZigZag pattern and the support from the MA-MACD, provides a robust foundation for EURUSD to continue its upward trajectory in the near future.
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As long as the price remains stable above the breakout area, there is a significant opportunity to test the next resistance level around 1.17035 on the 15-minute timeframe. With buyers becoming increasingly dominant, the intraday outlook for EURUSD appears positive, although a healthy correction should still be anticipated before further ascending trends.
Technical Reference: buy as long as above 1.16285
Potential Take Profit 1: 1.17030
Potential Take Profit 2: 1.17035
Potential Stop Loss 1: 1.16410
Potential Stop Loss 2: 1.16285
