The EURUSD pair recently displayed signs of weakness after breaking through a critical resistance level on the hourly chart. Instead of extending its rally to create new high levels, the price experienced a downward correction. However, this decline appears limited and is held up at a nearby support area on the same timeframe. This situation indicates that the bullish structure of EURUSD remains intact, with selling pressures not strong enough to reverse the main trend.
From a technical perspective, the zigzag indicator continues to show a consistent upward trend formation, while the MACD residing in positive territory reinforces the belief that bullish momentum still prevails. As long as the price stays above the support area, there remains a significant opportunity for EURUSD to resume its rally and test subsequent resistance levels. This combination of factors keeps the outlook for the currency pair leaning towards strengthening.
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On the 15-minute chart, EURUSD exhibits an increasingly solid bullish tendency, with the formation of an ascending trendline confirming the dominance of buyers. The zigzag pattern continuously forming higher levels reinforces the bullish trend signals, while the Stochastic indicator in the oversold zone provides additional support for the bullish movement. This technical combination opens possibilities for EURUSD to continue rising and potentially test significant resistance around the 1.17780 level.
Technical Reference: buy while above 1.16910
Potential Take Profit 1: 1.17670
Potential Take Profit 2: 1.17780
Potential Stop Loss 1: 1.17050
Potential Stop Loss 2: 1.16910
