Optimistic movements in EURUSD have surged dramatically following a breach of the upper Bollinger Bands, indicating a strong bullish momentum. This breakout suggests increasing buying pressure, reinforced by the widening of the Bollinger Bands which confirms high volatility. As long as prices stay above the middle band, the upward trend is likely to persist, with the next resistance target set at a higher range.
In addition, the MACD indicator further strengthens the bullish signal, as the MACD line is positioned above the signal line, and the histogram has moved into positive territory. This situation reflects a rise in buying momentum, creating opportunities for EURUSD to continue its ascent. However, traders should prepare for potential pullbacks if prices undergo corrections after such a sharp increase.
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EURUSD is forming a bullish channel on the 15-minute timeframe, indicating an increasingly robust upward trend. The price movements above the Moving Average (MA) further validate the bullish momentum, showcasing the dominance of buyers in the marketplace. If the buying pressure continues, EURUSD could further rise towards the next resistance level of 1.07660.
Technical Reference: buy when above 1.05995
Potential Take Profit 1: 1.07375
Potential Take Profit 2: 1.07660
Potential Stop Loss 1: 1.06355
Potential Stop Loss 2: 1.05995
