A Possible Bullish Break-Out on EURUSD?

EURUSD Key Levels:
Resistance Levels: 1.21540, 1.22450
Support Levels: 1.19860, 1.18600

EURUSD is set to break out from its downward trending channel after retesting the upper border of the descending channel twice. Price reached a height of 1.23500 at the beginning of the year on the 6th of January 2021, and since then, it has ever been downward plunging. Price first attempted to break out of the descending channel on the 25th of February 2021, but it met resistance as 1.22450 and the bears quickly took control of the market. Price fell rapidly in the same day, thereby showing a long wick. The second attempt to break out of the channel came almost 2 months later, but this time the bulls have been very strong. Price has remained on the support at 1.19860 which confluences with the upper boundary of the channel.

EURUSD Price Prospects
Following a strong upward rally, price currently exists at the support of 1.1986. It has met with an initial resistance at 1.21540, which caused it to retest the upper border of the descending channel twice. Price closed the previous day with a strong bullish candle and as at the time of writing, price is on yet another bullish candle at 1.20657.

The 7 and 14 Moving Average indicators have currently crossed each other upwards which indicates an imminent upturn from the current bearish movement and with a strong confluence as support, price is ready to shoot upwards.

The Stochastic Oscillator has stopped its downward movement just below the halfway mark at 41.81. The signal lines have crossed upwards to show that a bullish run is imminent.
On the 4-hour chart, the 7 and 14 Moving Average indicators are seen to have crossed each other upwards and are already showing bullish movement.

The Stochastic signal lines have just entered the overbought region and remain parallel to each other showing active buying.

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