The EURUSD pair continues to exhibit a strong bullish trend, maintaining its upward movement within a rising channel despite experiencing a brief dip. This correction has led the price to test the golden ratio of the Fibonacci retracement from the last low to high, a significant technical zone often acting as a vital bounce point in an uptrend. As long as the price remains above this area, the possibility of a rebound stays intact, backed by a ZigZag structure that is forming a pattern of higher highs and higher lows, alongside a moving average (MA) continually trending upwards.
The strengthening of the EURUSD is further supported by the MACD indicator, which remains in positive territory, indicating that buying pressure still has room to extend. This technical condition bolsters confidence that the short-term bias remains bullish, especially if the price can stay above the MA and does not breach the support level at the golden ratio. With a clean trend structure and aligned indicators, the chances for EURUSD to continue climbing and test the nearest resistance levels are growing.
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On the 15-minute timeframe, the bullish signals are becoming increasingly apparent. The upward trending MA, the ZigZag pattern still in uptrend, and the CCI rebounding from the oversold area indicate that buyers are becoming active and taking control. The combination of these three indicators strengthens the short-term bullish outlook, and if the buying pressure persists, EURUSD could continue to rise during this afternoon session to test the significant resistance at 1.16850.
Technical Reference: Buy above 1.16230
Potential Take Profit 1: 1.16760
Potential Take Profit 2: 1.16850
Potential Stop Loss 1: 1.16320
Potential Stop Loss 2: 1.16230
