The EURUSD has successfully breached a significant resistance level, indicating a strong potential for further bullish movement. This breakout is further validated by signals from the Moving Average (MA) indicator, as prices are now consistently above the MA line, reflecting a robust positive trend. Additionally, the MACD indicator is displaying bullish signals, with the MACD line trending upward, suggesting increasing buying momentum.
The combination of the resistance breakout and favorable signals from the MA and MACD creates substantial opportunities for the EURUSD to maintain its upward trajectory. With sustained buying pressure, there’s potential for EURUSD to accelerate towards the next resistance level. However, traders should remain vigilant about market developments and external factors that could impact price volatility.
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EURUSD is showcasing a potential rise after successfully breaking the high from the bearish channel on the 15-minute timeframe, signaling that selling pressure is diminishing while bullish momentum starts to gain traction. The price movement breaking free from this downward pattern serves as an initial signal that a trend reversal could be in sight. Moreover, if EURUSD can sustain above the breakout area with increased volume, there’s a greater likelihood of rising towards the resistance level of 1.05790.
Technical Reference: buy as long as above 1.04690
Potential Take Profit 1: 1.05555
Potential Take Profit 2: 1.05790
Potential Stop Loss 1: 1.04895
Potential Stop Loss 2: 1.0495
