EURUSD is beginning to display signs of recovery as the price has successfully bounced back from the lower range of the Bollinger Bands (BB), indicating a reduction in selling pressure. The zigzag pattern establishing a new low has halted, strengthening the notion that the bearish momentum is waning. Furthermore, the emergence of a double bottom pattern on the hourly chart provides an additional technical signal that a reversal may be in formation. This situation suggests an increasing buying interest around the key support zone.
With this combination of signals, EURUSD has the potential to continue rising and challenge nearby resistance levels in the near term. If buying pressure persists, this currency pair could extend its gains to higher levels. However, should it fail to breach the resistance area, a consolidation phase may occur before a clearer trend direction establishes itself. Overall, the technical bias remains cautiously optimistic as long as the price stays above the newly formed double bottom.
Recommended
Recommended
Recommended
Recommended
EURUSD has begun to signal strengthening after breaking through the resistance area within a bearish channel on a 15-minute timeframe. The recent upward trend in the Moving Average (MA) reinforces the indication that a bullish momentum is starting to take shape. With support from these technical signals, EURUSD stands a chance to continue its ascent shortly and may test the resistance level around 1.16325.
Technical Reference: buy above 1.15780
Potential Take Profit 1: 1.16200
Potential Take Profit 2: 1.16325
Potential Stop Loss 1: 1.15880
Potential Stop Loss 2: 1.15780
