The EURUSD currency pair exhibits signs of an upward movement after successfully breaking through the neckline of a double bottom pattern. This breakout indicates potential bullish movement that could elevate prices shortly.
A successful breach of the neckline is often followed by an increase in price. Currently, EURUSD is displaying positive momentum, backed by the Moving Average (MA) indicator providing bullish signals. Additionally, the MACD reinforces this with further confirmation. The MACD line’s position above the signal line indicates that the bullish momentum is strengthening.
In line with the hourly chart analysis above, the 15-minute chart also showcases bullish opportunities as the CCI remains in the oversold territory, further enhancing the chances of a bullish trend. This situation could support the EURUSD towards the resistance level of 1.04745.
Technical References: buy as long as it stays above 1.04020
Potential Take Profit 1: 1.04620
Potential Take Profit 2: 1.04740
Potential Stop Loss 1: 1.04120
Potential Stop Loss 2: 1.04020
