The EURUSD currency pair is exhibiting strong upward momentum after successfully breaking through a significant resistance level, indicating a dominance of buyers in the market. A rebound from the lower area of the Bollinger Bands suggests that selling pressure has eased, while prices are starting to trend upwards with increasing volume. This breakout creates an opportunity for EURUSD to continue strengthening towards the next resistance level, possibly targeting the higher psychological regions.
In addition, the Stochastic indicator, which is moving higher from the oversold area, further reinforces this bullish potential. The crossover of the red and blue lines indicates a growing buying momentum that could propel prices higher in the short term. However, traders should remain vigilant for potential pullbacks in the event of technical corrections before any continued upward movement.
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The EURUSD continues to demonstrate potential for growth as prices move within a bullish channel, signaling that the trend remains under the control of buyers. Moreover, the Moving Average (MA) indicator on the 15-minute timeframe is also trending upwards, further affirming that bullish momentum is still robust. As long as prices stay within the channel and do not break through key support levels, the likelihood of further increases remains available, with a resistance target set at 1.08820.
Technical Reference: buy while above 1.07310
Potential Take Profit 1: 1.08525
Potential Take Profit 2: 1.08820
Potential Stop Loss 1: 1.07610
Potential Stop Loss 2: 1.07310
