On the one-hour chart, the EURUSD displays a more pronounced bullish potential after failing to create a lower low. The price has instead bounced back from previous pressure and is currently moving up from the lower area of the Bollinger Band. This movement indicates an influx of buying interest, keeping short-term upward opportunities alive.
Moreover, the MACD indicator remains positive, reinforcing the bullish outlook for EURUSD. As long as the price can sustain above the nearest support level, the chances of continuing to rise towards the nearest one-hour resistance area are quite strong. This condition maintains a dominant upward bias, allowing traders to look for buying opportunities as long as the technical signals remain consistent.
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The dominance of buyers is increasingly evident on the 15-minute chart of the EURUSD pair, where a bullish channel has formed, reinforcing the upward trend. Additional support comes from the upward movement of the Moving Average (MA) and the MACD remaining firmly in the positive zone. This combination of technical signals provides a strong indication that EURUSD is likely to continue its rally to test the key resistance area at 1.17675.
Technical Reference: buy as long as above 1.17675
Potential Take Profit 1: 1.17565
Potential Take Profit 2: 1.17675
Potential Stop Loss 1: 1.17160
Potential Stop Loss 2: 1.17060
