The EURUSD pair is currently positioned exactly at the bullish trendline on the 1-hour time frame, serving as a critical support for price movement. This trendline indicates that buyers remain in control, sustaining an upward pattern despite facing some selling pressure. This pattern suggests that the trendline area could act as a potential rebound point for prices to resume their upward trajectory.
In addition, the CCI indicator is beginning to recover from the oversold region, signaling a shift in momentum towards the positive side. The combination of trendline support and the strengthening signal from the CCI offers a chance for the EURUSD to experience a rebound from its current levels. Should buying pressure continue to increase, this currency pair may test the nearest resistance level, thereby reinforcing a short-term bullish trend.
Recommended
Recommended
Recommended
Recommended
On the 15-minute chart, EURUSD is seen at the low of the Bollinger Bands, indicating a potential bounce from the lower levels, while the CCI indicator also reflects an oversold condition, which typically suggests an early signal for a momentum shift. With this technical combination, the EURUSD has the potential to continue its upward movement shortly, aiming to test resistance around the 1.17200 level.
Technical Reference: buy as long as it stays above 1.16655
Potential Take Profit 1: 1.17170
Potential Take Profit 2: 1.17290
Potential Stop Loss 1: 1.16755
Potential Stop Loss 2: 1.16655
