EURAUD: Bears May Lose Control

The currency pair could see more upward forces.
The bears may take the leading.

EURAUD Weekly Price Analysis – November 23

Today, the EURAUD bears may lose control of the market as the selling pressure might soon come to an end, and the pair could see more upward strength. The currency pair may maintain its upward trend if buy traders renew their buying strength and drive the price to the upper range. Thus, a further increase in the bulls’ pressure may break through the $1.81 prior peak level, and may push the price to the $1.82 upper resistance range, suggesting a buy signal for long traders.

EURAUD Market
Key Levels:
Resistance levels: $1.80, $1.81, $1.82
Support levels:    $1.72, $1.71, $1.70

EURAUD Long-term Trend: Bullish (Daily Chart)

Despite the bears’ action, the EURAUD market remains bullish. However, the bears may lose control over the market as it remains above the supply levels, indicating a bullish trend in the long-term outlook.
The sustained bullish pressure at the $1.79 high level in the previous action has enabled the pair price to retain an upward trend in its recent low.

Hence, staying above the crucial level may give the price of the currency pair the tendency to reverse and retain the upside strength.

The EURAUD price plummeted to the $1.78 support level above the EMA-50 as the daily chart resumes today.

Nevertheless, today’s price drop has still not stalled the bull run as it remains intact.

Thus, if buyers increase their swagger, the price may rebound from the current support and break above the previous high of $1.81, suggesting a potential bullish momentum.

Notably, the signal of the stochastic oscillator is approaching the oversold region.

As a result, the EURAUD price may experience a reversal to $1.82 upper resistance level, resulting in an intraday gain for buyers.

EURAUD Medium-term Trend: Bullish (4H Chart)

The EURAUD pair presents a bullish trend in the medium-term outlook. The price bar is above the moving average, confirming its bullishness.
The fact that prices are trading near the higher resistance area above the supply level indicates that the bulls expect a further increase.

This bullishness has been influenced by the bulls’ large order flow at a high level of $1.77 in the last session.

The 4-hourly chart for today indicates a more extensive price rebound. At the time of writing, the EURAUD pair suggests a resistance level at $1.78 supply level above the EMA-50, initiating another upward correction due to an increase in demand by the bulls.

It’s worth noting that the EURAUD bears may lose control, and the upward trajectory could face another resistance barrier of $1.79 if the bulls can accelerate their buying momentum. Thus, a break at this level could propel the pair trade higher by 10%.

Additionally, the daily stochastic pointing up indicates that the price of the EURAUD pair may continue trending.

Given this, the currency pair price may surge to reach the upper resistance level of $1.82 in the days ahead in its medium-term forecast.

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