The EURUSD currency pair is showing signs of recovery after bouncing back from the lower area of the Bollinger Bands on an intraday time frame. This price reaction indicates that selling pressure is easing, and buying interest is gradually returning to the market. This rebound from extreme levels is often seen as an early technical signal of a potential trend reversal, especially when the price approaches the middle line of the Bollinger Bands as a preliminary target. This condition raises hopes for continued upward movement, at least in the short term.
Enhancing the bullish signal, the MACD indicator has started to show an upward curve, approaching the potential for a golden cross above the signal line. This suggests that positive momentum is taking shape, allowing buyers to potentially take control of the price direction. Should EURUSD manage to hold above the newly established support, the chances of breaching the nearest resistance are significantly boosted.
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On the 15-minute time frame, EURUSD shows potential strength following the formation of a bullish trendline, indicating technical support from below. The stochastic indicator is also rising from the oversold area, signaling that selling pressure is subsiding and buyers are beginning to take control. If this momentum continues, EURUSD has the opportunity to further its increase towards the resistance level at 1.14390 as the nearest target in intraday movement.
Technical Reference: buy while above 1.12520
Potential Take Profit 1: 1.13990
Potential Take Profit 2: 1.14395
Potential Stop Loss 1: 1.12810
Potential Stop Loss 2: 1.12520
