The EURUSD pair is signaling a bullish trend as it has successfully broken out of the bearish channel in the latest trading session. This move above the upper boundary of the channel suggests a potential change in direction, creating opportunities for the currency pair to climb higher towards the next resistance levels.
Technical indicators, such as the 24-period Moving Average (MA), are backing up the bullish momentum, with prices remaining positioned above the MA line. Additionally, the MACD indicator reinforces this outlook, showing the MACD line above the signal line and a histogram recording persistent positive values. This combination enhances the expectation that EURUSD is ready to continue its upward trend.
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In line with the analysis of the hourly chart, the 15-minute chart also indicates bullish potential as the Stochastic oscillator is currently in an oversold condition, suggesting that a reversal may happen soon. This development could support EURUSD in reaching the resistance level at 1.04225.
Trading Insights: buy while above 1.04065
Potential Take Profit 1: 1.04065
Potential Take Profit 2: 1.04225
Potential Stop Loss 1: 1.03485
Potential Stop Loss 2: 1.03325
