EURUSD continues to display solid strengthening during the US session tonight, with a bullish channel forming on the 1-hour chart, reinforcing the indication that the uptrend is still in place. The consistent price action creates higher highs and higher lows, indicating strong buyer dominance in the market. Steady movements along this ascending channel reflect market participants’ confidence in sustaining the rally, especially while prices remain above the dynamic support area of the channel.
Furthermore, the zigzag indicator also reaffirms that the trend is still upward, illustrating that every price dip is being utilized for buying actions. This condition suggests that the bullish momentum is still well-maintained in the intraday timeframe. With robust technical support from the channel pattern and trend-following indicators, EURUSD is poised for further strengthening in the near term, potentially testing the next resistance area.
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On the 15-minute chart, EURUSD appears to maintain its upward bias after prices successfully stabilize within the formed bullish channel. Although the movement has temporarily slowed down, the ascending direction of the Moving Average (MA) line indicates that buying pressure remains intact. The CCI indicator, beginning to recover from the oversold territory, further strengthens the signal for a short-term bullish momentum recovery. With support from this positive technical structure, EURUSD has the potential to continue its ascent and test the important resistance area around the 1.16500 level.
Technical Reference: buy as long as above 1.15800
Potential Take Profit 1: 1.16380
Potential Take Profit 2: 1.16500
Potential Stop Loss 1: 1.15915
Potential Stop Loss 2: 1.15800
