The EURUSD pair is exhibiting signs of recovery after bouncing off the lower boundary of the Bollinger Bands on a 1-hour time frame. This rebound from the specified area suggests that selling pressure is subsiding, thus creating an opportunity for buyers to drive the price higher.
Additionally, the MACD indicator supports this bullish outlook with its histogram moving into positive territory and the signal line trending upward. This combination indicates that buying momentum is beginning to build, thereby increasing the likelihood of an upward move toward the nearest resistance level.
Recommended
Recommended
Recommended
Recommended
Moreover, the EURUSD has the potential to strengthen as the Stochastic indicator signals a rebound from the oversold area on a 15-minute time frame. This condition implies that the selling pressure is easing, thus providing a chance for prices to turn upwards. Should the bullish momentum continue to strengthen, the EURUSD may approach the resistance level of 1.09500.
Technical Reference: buy while above 1.08700
Potential Take Profit 1: 1.09390
Potential Take Profit 2: 1.09500
Potential Stop Loss 1: 1.08860
Potential Stop Loss 2: 1.08700
