On the hourly chart, EURUSD is demonstrating increasingly robust bullish momentum. The establishment of an upward trendline signals that the buyers are still maintaining control over price movements. The buying pressure has become more apparent as prices have successfully breached the nearest resistance level, indicating a strong market push to elevate prices. This scenario underscores a prevailing positive market sentiment, paving the way for EURUSD to possibly continue its upward trend.
Support from technical indicators further bolsters the likelihood of an increase. The MACD remains firmly in positive territory, adding confirmation that the bullish momentum is intact. Should the buyers manage to retain their dominance, the chances for EURUSD to strengthen towards the next resistance level will significantly broaden. This situation presents tonight as a crucial moment to observe whether the bullish rally can persist.
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On the 15-minute chart, EURUSD reflects an increasingly robust grip of the buyers as a bullish channel forms, affirming the upward trajectory. A consistent price movement above the upward trend, complemented by a rising Moving Average (MA) and a stable MACD in positive territory, constitutes a solid combination of technical signals. This scenario opens doors for EURUSD to potentially continue its rally and challenge a significant resistance level around 1.17875.
Technical Reference: buy while above 1.17235
Potential Take Profit 1: 1.17760
Potential Take Profit 2: 1.17875
Potential Stop Loss 1: 1.17330
Potential Stop Loss 2: 1.17230
