The EURUSD on the 1-hour chart is maintaining its upward potential with a robust price structure in a bullish trend. The consistent formation of higher highs and higher lows reflects the ongoing strength of the buyers, while price movements staying above the dynamic support indicate that selling pressure remains limited and insufficient to disrupt the primary trend direction.
From a technical perspective, the likelihood of continued strength receives additional confirmation from the upward movement of the Moving Average, alongside the ZigZag pattern that continues to develop a steady uptrend. Additionally, the CCI indicator is beginning to recover from the oversold area, signaling a return of buying momentum. This combination of signals suggests that the corrections observed so far are still healthy within the context of an upward trend, keeping the potential for EURUSD to rise intact as long as the bullish structure holds strong.
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Meanwhile, on the 15-minute chart, EURUSD is currently experiencing a minor decline as part of a short-term correction. The current price drop is testing the M15 support area, which has the potential to form a triple bottom pattern, opening up the possibility for a rebound. Additional support is also seen as the CCI begins to rise from the oversold zone, thereby increasing the likelihood of EURUSD moving up and testing the resistance level at 1.17485 in the near future.
Technical Reference: buy above 1.16900
Potential Take Profit 1: 1.17395
Potential Take Profit 2: 1.17485
Potential Stop Loss 1: 1.17000
Potential Stop Loss 2: 1.16865
