The EURUSD currency pair is exhibiting potential for a bullish trend after successfully rallying from a Double Bottom pattern identified in a crucial support zone. This pattern is recognized as a strong reversal signal, indicating that selling pressure is waning and buyers are regaining control of the market.
Further technical signals bolster this optimism. The 24-period Moving Average (MA) indicates that the price has successfully broken through and maintained a position above the MA line, confirming the emergence of bullish momentum. Additionally, the MACD indicator reinforces the likelihood of an upward movement, with the MACD line crossing above the zero level, suggesting a potential shift in trend towards the positive.
Recommended
Recommended
Recommended
Recommended
In line with the analysis of the hourly chart above, on the 15-minute chart, EURUSD also presents bullish opportunities as the price breaks out of a bearish channel, with MACD supporting the potential for higher increases. This could lead EURUSD towards the resistance level of 1.03375.
Technical Reference: buy as long as it stays above 1.02565
Potential Take Profit 1: 1.03225
Potential Take Profit 2: 1.03375
Potential Stop Loss 1: 1.02715
Potential Stop Loss 2: 1.02565
