The EURUSD currency pair is displaying a potential bullish trend after forming a double bottom pattern at a significant psychological support level. This pattern typically serves as an early signal for a trend reversal, particularly when backed by robust technical indicators.
The 24-period Moving Average (MA) indicates that the price is trading above the MA line, suggesting that an upward momentum is developing. Additionally, the MACD indicator provides further confirmation, as its line crosses above the signal line, signifying that buyers are beginning to take control of the market.
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Aligning with the one-hour chart analysis presented earlier, the 15-minute chart of EURUSD also reveals bullish opportunities as the price successfully breaks out of a bearish channel and MACD supports the likelihood of higher gains. This could push the EURUSD towards a resistance level of 1.02970.
Technical Reference: Buy while above 1.02060
Potential Take Profit 1: 1.02800
Potential Take Profit 2: 1.02970
Potential Stop Loss 1: 1.02270
Potential Stop Loss 2: 1.02060
