The EURUSD pair, when examined on the 1-hour time frame, exhibits a robust bullish trend following the formation of a well-defined upward channel. This consistent price structure, which is marked by higher highs and higher lows, serves as evidence that the buyers are currently steering the market’s direction. The price movement remaining stable within this bullish channel indicates that buying pressure is prevailing, while attempts by sellers to exert downward pressure have yet to alter market sentiment. Recent minor breakouts observed in a few candlesticks further bolster the potential for continued upward movement in the short term.
Support from technical indicators also affirms the ongoing bullish scenario. The upward-trending Moving Average signals an increasingly mature upward momentum, while the ZigZag indicator, forming an uptrend, enhances the established bullish structure. The synergy of these indicators establishes a solid technical foundation, suggesting that EURUSD could progress further tonight, with the potential to test nearby resistance if buyers maintain their buying pressure.
Recommended
Recommended
Recommended
Recommended
On the 15-minute time frame, EURUSD shows strong bullish signals after successfully breaching the resistance within the bullish channel, indicating a strengthening dominance of buyers. The stable price movement above the breakout area showcases solid upward momentum, while the rising MA and the ZigZag pattern, consistently creating higher highs and higher lows, increasingly confirm the sustainability of the bullish trend. With this aligned technical support, EURUSD is poised to continue its rally towards resistance level at 1.16715.
Technical Reference: buy as long as it stays above 1.16125.
Potential Take Profit 1: 1.16590
Potential Take Profit 2: 1.16715
Potential Stop Loss 1: 1.16225
Potential Stop Loss 2: 1.16125
