The EURUSD currency pair has successfully achieved a high breakout in the context of a bearish channel, suggesting a prevailing bullish trend in price movements. The Moving Average (MA) remains below the current price, indicating that the upward momentum is still robust, while the MACD (Moving Average Convergence Divergence) continues to move within positive territory, with an increasingly positive histogram. This combination of technical indicators signifies that there is still potential for EURUSD to extend its ascent.
Moreover, ongoing buying pressure could propel EURUSD toward the next resistance level. As long as the MACD remains above the signal line and shows no signs of bearish divergence, the possibility of further increases remains highly optimistic.
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Currently, EURUSD is trading within a bullish channel on the 15-minute timeframe, indicating the persistence of an upward trend. Additionally, the Stochastic Oscillator is positioned in the oversold zone, signifying that selling pressure has diminished and creating potential for a price reversal toward higher levels. Should the Stochastic begin to rise from the oversold area, the bullish momentum could strengthen, pushing EURUSD toward the resistance level of 1.05535.
Technical Reference: buy when above 1.04630
Potential Take Profit 1: 1.05380
Potential Take Profit 2: 1.05535
Potential Stop Loss 1: 1.04780
Potential Stop Loss 2: 1.04630
