The EURUSD is currently positioned right at a bullish trendline on the 1-hour timeframe, serving as a crucial support for price movement. This presence of the trendline indicates that buyers are still in control, maintaining an upward pattern despite experiencing some selling pressure. This pattern signals that the area around the trendline may serve as a potential rebound point for prices to continue their upward trajectory.
Meanwhile, the CCI indicator has started to rise from the oversold territory, indicating a shift in momentum towards the positive side. The combination of the trendline support and the strengthening signal from the CCI provides an opportunity for EURUSD to rebound from its current levels. If buying pressure continues to increase, this currency pair may test the nearest resistance level and further strengthen the short-term bullish trend.
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On the 15-minute chart, EURUSD is observed to be at the lower area of the Bollinger Bands, indicating a potential bounce from the lower level. Simultaneously, the CCI indicator also reflects oversold conditions, typically a preliminary signal for a shift in momentum. With these technical combinations, EURUSD has the potential to continue its ascent during the US session tonight, targeting to test the resistance around 1.17375.
Technical Reference: buy while above 1.16710
Potential Take Profit 1: 1.17275
Potential Take Profit 2: 1.17375
Potential Stop Loss 1: 1.16815
Potential Stop Loss 2: 1.16710
