The EURUSD pair on the hourly chart is beginning to show a formation of a bullish channel that is becoming increasingly evident, with prices successfully breaking through the resistance area of the Bollinger Bands. This movement indicates a new impetus from the buyers and creates space for the continuation of an upward trend. The rising Moving Average (MA) further strengthens the bullish outlook, suggesting that the technical momentum currently favors strengthening. This condition signals that EURUSD is poised to continue its ascent during the upcoming evening session.
From a technical standpoint, a breakout from the Bollinger Bands’ resistance area typically signals the initial shift of market momentum towards a stronger upward direction. With support from the bullish channel and a positively inclined MA, the chance for EURUSD to continue its rally increasingly opens up. As long as the price remains above the breakout area, the potential for testing the next resistance level is likely in the near term, aligned with the sustained dominance of the buyers.
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The resistance of the ascending triangle pattern has been breached, showcasing the strength of buyers who are beginning to dominate the EURUSD movement. Technical support is becoming clearer with the Moving Average (MA) trending upwards, confirming a short-term bullish trend. Meanwhile, the CCI indicator bouncing back from the oversold territory further strengthens the price affirmation signal. This combination of factors indicates that the chances for EURUSD to increase in the 15-minute time frame are widening significantly, with the potential to test the next resistance at around 1.18010.
Technical Reference: buy as long as above 1.17290
Potential Take Profit 1: 1.17870
Potential Take Profit 2: 1.18010
Potential Stop Loss 1: 1.17430
Potential Stop Loss 2: 1.17290
