The EURUSD pair is beginning to display a strong recovery after previously being under pressure within a minor bearish channel, highlighted by the shaded red area on the 1-hour timeframe. The failure of the price to establish a new low serves as an important signal indicating that the sellers are starting to lose their grip. This situation is allowing buyers to regain control, pushing the price away from short-term pressure and back towards the previously established bullish trend.
Technical support further strengthens this change in direction, with the ZigZag indicator trending upwards, moving averages starting to rise, and the MACD entering positive territory. These signals showcase the consistency of bullish momentum and open up possibilities for EURUSD to continue its rally towards the nearest resistance. If the buyers can maintain their dominance, further strengthening is likely, potentially testing the main resistance area and solidifying the short-term bullish trend.
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In the 15-minute timeframe, the bullish dynamics are becoming increasingly apparent after breaking higher from the bearish channel, signaling that selling pressure has weakened. Rising moving averages, the ZigZag pattern forming an uptrend, and a strong bounce in the CCI from oversold levels indicate that buyers are re-engaging in driving intraday momentum. With this solid combination of technical signals, EURUSD has the potential to continue its rise towards the resistance area at 1.17380.
Technical Reference: buy while above 1.16900
Potential Take Profit 1: 1.17295
Potential Take Profit 2: 1.17380
Potential Stop Loss 1: 1.17000
Potential Stop Loss 2: 1.16900
