The EURUSD currency pair is displaying signs of an upward movement following its successful breach of the neckline of the double bottom pattern. This breakout signifies a potential bullish trend that may elevate prices in the near future.
Typically, breaking through the neckline is followed by a price increase. Currently, EURUSD is exhibiting positive momentum, bolstered by the Moving Average (MA) indicator which reveals bullish signals. Additionally, MACD provides further confirmation with its line positioned above the signal line, indicating that bullish momentum is gaining strength.
In line with the hourly chart analysis, the 15-minute chart for EURUSD also indicates bullish opportunities as suggested by the CCI residing in the oversold territory, which enhances the likelihood of a bullish trend. This positions EURUSD towards the resistance level at 1.04745.
Technical References: buy while above 1.04020
Potential Take Profit Level 1: 1.04620
Potential Take Profit Level 2: 1.04740
Potential Stop Loss Level 1: 1.04120
Potential Stop Loss Level 2: 1.04020
