EurUsd → so bullish

26. Aug.

hello guys.
let's dive into eurusd

Breaking the Channel:
The price has broken out of a previous channel, which suggests a potential bullish momentum continuation. This breakout is marked as a significant event that has shifted the trend.

The Last High Broken:
The chart indicates that the last significant high around the $1.1169 level was broken. This breakout above the previous high is a strong bullish signal, suggesting further upward potential.

Internal Trendline:
There’s an internal trendline within the broader trend that could act as support if the price pulls back. The price might retest this trendline before moving higher.

Potential Bullish Move:
After breaking the last high, the price may retrace slightly to retest the breakout level or the internal trendline, before continuing its upward move.
The next potential target appears to be in the region of $1.1300, where the price may find the next significant resistance.

Current Price Action:
The price is currently hovering around $1.1166, slightly above the previous resistance, which now acts as support. This area will be critical in determining if the price continues its bullish trajectory or pulls back for a deeper retest.

This analysis underscores a bullish outlook for the EUR/USD pair, emphasizing the importance of the broken resistance level and the potential for further gains if the trend continues. Traders should watch for a retest of the breakout level to confirm the strength of the move.

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