The EURUSD pair is showing signs of recovery after reaching the oversold zone on the Stochastic indicator. This development indicates that selling pressure is beginning to fade, creating opportunities for this currency pair to ascend. Additionally, the price’s return above the 24-period Moving Average (MA) provides an initial confirmation that a bullish trend could be in the making.
The rebound is further supported by the Stochastic indicator moving out of the oversold territory, suggesting that bullish momentum is starting to gather. Should EURUSD manage to maintain its movement above the key support level, the chances of rising towards the next resistance level will increase significantly.
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In line with the hourly chart analysis above, the 15-minute chart also presents bullish opportunities as the price has managed to break out of the bearish channel, with MACD indicating further upward potential. This could support the EURUSD in reaching the resistance level of 1.03380.
Technical Reference: buy while above 1.02660
Potential Take Profit 1: 1.03245
Potential Take Profit 2: 1.03380
Potential Stop Loss 1: 1.02770
Potential Stop Loss 2: 1.02660
