The EURUSD pair continues to display potential for further gains as it rebounds from a strong Double Bottom pattern, indicating a reversal in trend. A crucial support level around 1.0200 has effectively held against selling pressures, providing an opportunity for the EURUSD to transition into an upward trend.
Additional support comes from technical indicators. The Moving Average (MA) shows that the price has moved above the MA line, signifying the formation of bullish momentum. Meanwhile, the MACD presents positive signals as the MACD line crosses above the signal line, with the histogram beginning to enter positive territory. This combination enhances confidence that a new bullish trend has commenced.
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In line with the one-hour chart analysis above, the 15-minute chart for EURUSD also offers bullish opportunities as prices form a bullish channel, indicating strong buying potential, supported by an oversold stochastic indicator that favors further upward movement. This may drive the EURUSD towards the resistance level of 1.03375.
Technical Reference: buy while 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
