The EURUSD began its trading session under selling pressure; however, this pullback is insufficient to alter the bullish structure that has been in place for over a week. Despite the initial decline, the market still appears to favor an upward trend, as prices linger above the key structural zone that has been supporting bullish momentum. The ZigZag indicator continues to display patterns of higher lows and higher highs, reinforcing that the prevailing trend remains under the control of buyers.
Additionally, the CCI indicator is starting to rebound from the oversold region on the 1-hour time frame, signaling that the bearish momentum might be weakening. This rebound indicates a resurgence of buying interest as prices attempt to move toward the nearest resistance level. With a sustained bullish structure, complementary ZigZag support aligned with the trend, and a recovering CCI from oversold conditions, there is substantial potential for an increase in EURUSD during the upcoming trading session.
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The EURUSD is operating within a bullish channel with a consistent upward slope, alongside a moving average that continues to trend higher, confirming the positive trend. On the 15-minute time frame, the CCI indicator is also showing signs of rebounding from the oversold area, indicating that bullish momentum is reforming following a brief correction. With a sustained trend, a strengthening moving average, and recovery signals from the CCI, EURUSD could continue its ascent to test resistance at approximately 1.16355.
Technical Reference: Buy as long as it stays above 1.15800
Potential Take Profit 1: 1.16245
Potential Take Profit 2: 1.16355
Potential Stop Loss 1: 1.15915
Potential Stop Loss 2: 1.15800
