The EURUSD currency pair continues to uphold its bullish prospects on the 1-hour chart, showcasing a strong bullish structure through the creation of a series of higher highs and higher lows. The ability of price movements to stay above the dynamic support area indicates that buying interest remains dominant, while the selling pressure has not yet appeared forceful enough to alter the trend’s direction.
Technical confirmation for the possibility of further gains is evident from the Moving Average, which is consistently trending upward, along with the ZigZag indicator that is steadily forming an uptrend pattern. As long as this structure is maintained, EURUSD has the potential to continue its upward momentum, testing the nearest resistance area in the near future.
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In the 15-minute chart, the EURUSD is currently in a minor downward trend, where the current price decline is testing the M15 support area, potentially forming a double bottom pattern that opens the door for a possible rebound. Additional support is coming from the CCI indicator, which is beginning to recover from being oversold, thereby enhancing the likelihood of EURUSD rising and challenging the resistance at 1.17395.
Technical References: buy while above 1.16900
Potential Take Profit 1: 1.17315
Potential Take Profit 2: 1.17395
Potential Stop Loss 1: 1.17000
Potential Stop Loss 2: 1.16900
