The EURUSD movement has shown signs of strengthening after successfully breaking through a bearish resistance channel, which was previously a critical area. This breakout indicates an initial sign that the bearish trend is beginning to weaken, allowing a bullish momentum to take control. The ZigZag indicator also confirms the upward direction by forming a higher low, which typically signals a strong continuation of an upward trend.
Additionally, support from the MACD indicator moving positively underscores the dominance of buyers in the market. The combination of a resistance breakout, the bullish pattern from the ZigZag, and solid technical momentum positions the EURUSD on a path for further gains. As long as the price remains above the breakout area, the chances for continuing the rally increase, with targets aiming towards the nearest resistance level.
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The EURUSD has successfully breached the bearish channel as well as a key resistance on the 15-minute timeframe, providing an early signal of price strengthening. The ZigZag indicator and the upward movement of the Moving Average (MA) further support the potential for continued increases, thus opening opportunities for the EURUSD to test the next resistance at the level of 1.17560 in today’s trading session.
Technical Reference: Buy as long as above 1.16695
Potential Take Profit 1: 1.17395
Potential Take Profit 2: 1.17560
Potential Stop Loss 1: 1.16820
Potential Stop Loss 2: 1.16695
