The movement of EURUSD on the 1-hour time frame continues to exhibit a solid upward trend, with prices neatly confined within a bullish channel. This condition indicates that market sentiment is predominantly influenced by the buyers, while selling pressure has yet to break the rising structure. As long as prices remain above the dynamic support zone, the trajectory of EURUSD is likely to stay upward with limited corrective potential.
From a technical standpoint, the likelihood of a sustained upward trend is further validated by the consistent formation of higher highs and higher lows in the ZigZag indicator. The upward-sloping Moving Average and a positive MACD confirm that the bullish momentum is intact. The alignment between price structure and these indicators opens opportunities for EURUSD to continue its strength towards the nearest resistance levels.
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On the 15-minute chart, EURUSD also maintains a robust uptrend in its intraday movements. The persistent bullish direction of the ZigZag and the continually rising Moving Average emphasize the short-term dominance of buyers. Additional support comes from the CCI being in the oversold area, reinforcing EURUSD’s potential to rise towards resistance at 1.18230 soon.
Technical Reference: buy while above 1.17650
Potential Take Profit 1: 1.18135
Potential Take Profit 2: 1.18230
Potential Stop Loss 1: 1.17750
Potential Stop Loss 2: 1.17650
