EURAUD: Bullish Cycle Emerges at $1.79 Mark

The EURAUD pair to grow more as bullish cycle emerges.
Buyers may place their order at their desired position.

EURAUD Weekly Price Analysis – September 7

The EURAUD pair is gaining traction as a bullish cycle emerges with an impressive move towards the upper range, suggesting a possible buy opportunity for long traders at the $1.79 price level. However, the currency pair market could see further increases, and a potential upswing would receive better confirmation of a bullish recovery if buyers break above the April 8 high of $1.84. The post-breakout rally would lead the pair price toward the upper resistance area at $1.90, creating excitement among buyers.

EURAUD Market
Key Levels:
Resistance levels: $1.79, $1.80, $1.81
Support levels:    $1.63, $1.62, $1.61

EURAUD Long-term Trend: Bullish (Daily Chart)

The EURAUD pair is in a bullish market zone in its higher time frame on the chart below. The price is currently recovering and trades above the moving averages, indicating an uptrend.
The bullish reversal at the $1.78 high value in the last few days has sustained the currency pair above the trend line lately.

The momentum continues today as the bulls made a corrective move to a high of $1.79 above the EMA-50 on the daily chart, proving the impact of the bulls on the EURAUD pair; the downside risk remains uncertain.

The market price has just broken the resistance line: if the broader market bullish trend continues, the $1.84 prior supply might be reached, providing a good entry point for buyers.

Next, the EURAUD price is also trending upwards on the daily stochastic, suggesting that the price may continue in an upward manner towards the $1.90 supply trend line in the days ahead in its longer-term timeframe.

EURAUD Medium-term Trend: Bullish (4H)

The currency pair market in the medium-term time frame exhibits a bullish trend despite the short-term traders’ interference in the price flow.
The EURAUD price is currently moving upward and above the Exponential Moving Average (EMA) line, a trend indicator, showing that buyers are more powerful.

However, the bulls’ previous action at the $1.78 high level in the last session has sustained the currency price in an upward trend lately.

The bulls surged to a high value of $1.79 over the supply levels as soon as the 4-hourly chart started today, indicating that buyers are defending this level and attempting to push the price higher.

Hence, the currency pair has the potential to rise further to retest the $1.81 previous barrier as the bullish cycle emerges, offering a vibrant resistance to the currency pair market.

Furthermore, the daily stochastic, a momentum oscillator that measures trend strength, indicates an upward trend.

From a medium-term perspective, the next rally may surge above the $1.79 level and reach the $1.90 psychological threshold if the bulls can maintain the market price above the prior high, presenting a potential buy opportunity for buyers.

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