EURAUD: Bullish Correction May Continue

The EURAUD buyers may take the lead soon.
The currency pair may continue its bullish correction.

EURAUD Weekly Price Analysis – August 31

The EURAUD pair saw a bullish correction today. The price reversal at $1.78 resistance value may increase further as the bulls return gradually. Therefore, if all the support holds and the buy traders are able to significantly increase their pressure, the daily candle may surge to break up the $1.84, opening the door for a possible advance to the upper supply level of $1.90 and beyond, indicating a strong buy signal for long traders.

EURAUD Market
Key Levels:
Resistance levels: $1.82, $1.83, $1.84
Support levels:    $1.72, $1.71, $1.70

EURAUD Long-term Trend: Bullish (Daily Chart)

On the higher time frame, the EURAUD price offers a pullback today and remains slightly above the moving average line, indicating a bullish trend.
The sustained bull trend at a $1.80 high mark in the last few days has enabled the pair price to maintain its upward growth recently.

After the completion of yesterday’s low of $1.77, the currency pair increased in market value to a $1.78 supply mark slightly above the EMA-50 as the daily session begins today, suggesting a pullback that may attempt the $1.84 previous barrier level.

However, staying above the resistance level gives the bulls more strength to continue the bullish correction.

The stochastic oscillator signals an uptrend at the oversold region, suggesting the EURAUD bullish correction may increase further and set the stage for a potential climb to the $1.90 upper resistance level before the bears take over in the long term.

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

The EURAUD pair is bearish. The chart below indicates that the bullish correction has resumed, and this may continue and target a critical level as it trades below the supply levels, indicating a bearish trend in its medium-term outlook.
Today, the EURAUD market could see an increase as it offers a rebound at a $1.78 high level below the moving average on the 4-hourly chart amid correcting network activity.

Such a move suggests that the bullish run may increase further as buyers return to the market, giving the bulls more strength to journey up north.

A strong push by long traders above the $1.81 previous high point, with a 4-hour candle closing, could signify a shift in market dynamics.

In a like manner, the momentum indicator pointing up also indicates that the EURAUD price will continue the bullish correction, and a $1.84 high level might be the target in the days ahead in its medium-term perspective.

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