The EURUSD movement indicates strong momentum after the price successfully broke through the resistance area of the previously identified bearish channel during the US session this evening. This breakout suggests that the bearish trend is beginning to weaken, while bullish momentum is taking over. The ZigZag indicator further confirms this upward trajectory by forming a higher low pattern, which is often seen as a strong signal for continuous upward trends.
Moreover, support from the MACD indicator, which is showing positive movement, reinforces the dominance of buyers in the market. The combination of this resistance breakout, the bullish pattern from ZigZag, and solid technical momentum positions EURUSD favorably for the next leg up. As long as the price remains above the breakout area, the chances to continue the rally are significantly increased, targeting the nearest resistance level.
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The EURUSD has successfully broken through the bearish channel and key resistance on the 15-minute timeframe, signaling an early indication of strengthening prices. The ZigZag indicator and the upward movement of the Moving Average (MA) also support the potential for further increases, thus opening up opportunities for EURUSD to test the next resistance at the level of 1.17415.
Technical Reference: buy while above 1.16545
Potential Take Profit 1: 1.17255
Potential Take Profit 2: 1.17415
Potential Stop Loss 1: 1.16695
Potential Stop Loss 2: 1.16545
