The EURUSD currency pair is currently moving within a symmetrical triangle pattern on the intraday time frame, indicating a consolidation phase that may precede a significant price movement. This pattern highlights a temporary imbalance between buyers and sellers. However, observing the price’s resilience near the support level, gradually creating higher lows, suggests that an upward trend might be on the horizon. A breakout above this triangle formation would serve as further confirmation of a bullish trend, particularly if accompanied by increased trading volume.
In addition to the pattern analysis, the stochastic indicator is currently in the oversold territory and beginning to trend upwards, indicating that selling pressure may have reached its limits. This signal is often seen as an early indication of a short-term reversal and can propel prices to breach the resistance line of the triangle pattern. If a successful breakout occurs, the EURUSD could soon challenge the next resistance level.
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On the 15-minute time frame, EURUSD demonstrates potential for strengthening following the establishment of a bullish trendline, suggesting technical support from below. The stochastic indicator is also starting to rise from the oversold region, signaling that the selling pressure is easing and buyers are beginning to take control. If this momentum continues, EURUSD is likely to extend its gains towards a resistance level of 1.14390.
Technical Reference: buy while above 1.12520
Potential Take Profit 1: 1.13990
Potential Take Profit 2: 1.14390
Potential Stop Loss 1: 1.12810
Potential Stop Loss 2: 1.12520
