The EURUSD currency pair continues to trade steadily within a bullish channel, and the recent decline has led the price to test the golden ratio Fibonacci area, derived from the last wave movements from low to high. This area is often a strong reversal zone within an upward trend, increasing the chances of a rebound from this level. Technical structure also supports this outlook, as the ZigZag pattern continues to form an uptrend, coupled with a Moving Average (MA) that is trending upwards, affirming that the short-term bias remains bullish as long as prices stay above this retracement zone.
Moreover, the MACD indicator, which is currently positioned in positive territory, provides additional confirmation that bullish momentum is intact. This scenario suggests that buying pressure could regain dominance, paving the way for EURUSD to continue rising on the 1-hour timeframe. As long as prices maintain the higher low structure and remain above the MA, the potential for a rally towards nearby resistance levels, or further strengthening, remains highly viable.
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On the 15-minute timeframe, the EURUSD is displaying solid strengthening signals, with the MA trending bullish, the ZigZag pattern forming an uptrend, and the MACD residing in positive territory. The combination of these three indicators reinforces that buying momentum remains dominant, and the potential for short-term increases is still robust. Should the bullish pressure persist, EURUSD could continue its ascent today and test a significant resistance level at 1.16905.
Technical Reference: buy as long as above 1.16370
Potential Take Profit 1: 1.16810
Potential Take Profit 2: 1.16905
Potential Stop Loss 1: 1.16475
Potential Stop Loss 2: 1.16370
