To trade EUR/USD with a bullish perspective, focus on the ascending channel, which reflects the pair’s short-term upward momentum. The price is currently consolidating, offering opportunities for buyers to enter as the pair approaches key support levels.

An ideal entry point lies near the midline of the channel around 1.0535 or the lower boundary at 1.0513. These levels have consistently acted as support, providing favorable zones for initiating long positions. Wait for confirmation in the form of bullish candlestick patterns, such as a pin bar or bullish engulfing, to ensure stronger trade reliability.

Set your stop loss slightly below the lower boundary at 1.0500 to protect against potential breakdowns. This placement ensures risk is limited while maintaining a strategic exit if the price moves against the bullish setup.

For take-profit targets, look to the upper boundary of the channel at 1.0565 as the first resistance level. Should the pair break above the channel, the next target lies at 1.0580, where further gains may unfold if bullish momentum strengthens.

This strategy balances risk and reward by aligning with the pair’s current structure while respecting key support and resistance zones. Monitoring macroeconomic developments and price behavior near resistance will be crucial for managing the trade effectively.
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