The EURUSD currency pair is displaying strong signs of strengthening after successfully breaching the upper band of the Bollinger Bands indicator on the 1-hour time frame. This breakout indicates substantial buying pressure, creating opportunities for a sustained upward trend. The recent rise suggests that buying pressure has overcome the dynamic resistance zone, prompting market participants to become more aggressive in their buying positions. As long as prices remain above the upper band, the likelihood of EURUSD continuing to rise towards the resistance area increases significantly.
Additionally, the MACD indicator reinforces this bullish scenario, with the MACD line crossing above the signal line and a growing positive histogram. This signal indicates that upward momentum is still gaining strength, and a technical upward trend is taking form.
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The EURUSD pair shows potential for continued strength after successfully breaking above the bearish trendline on the 15-minute time frame, indicating that downward pressure is starting to wane and a reversal trend is forming. Interestingly, the CCI indicator is currently in the oversold territory, suggesting that there may be a technical momentum for a further rebound. This combination of breakout and oversold conditions presents opportunities for EURUSD to continue its upward movement towards the nearest resistance at 1.13170.
Technical Reference: buy as long as above 1.12025
Potential Take Profit 1: 1.12925
Potential Take Profit 2: 1.13170
Potential Stop Loss 1: 1.12215
Potential Stop Loss 2: 1.12025
