The EURUSD currency pair is displaying upward momentum after successfully breaking through the neckline of a double bottom pattern. This breakout indicates a potential bullish movement that could drive prices higher in the near future.
Typically, a successful breakout of the neckline is followed by a price increase. Currently, EURUSD is showcasing positive momentum, bolstered by the Moving Average (MA) indicator which is signaling bullish conditions. The MACD also offers additional confirmation, with the MACD line moving above the signal line, indicating that the bullish momentum is strengthening.
In line with the analysis from the hourly chart above, the 15-minute chart for EURUSD also presents bullish opportunities, supported by the CCI being in the oversold region, enhancing the bullish prospects. This situation could help propel EURUSD towards the resistance level of 1.04745.
Technical Reference: buy as long as 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
