EURAUD: Buyers Are Leading

The EURAUD pair remains in an upside move.
The bulls are still dominating the market at the moment.

EURAUD Weekly Price Analysis – August 3

The EURAUD buyers are leading today, as the pair anticipates more swings and looks promising at the $1.78 current high level. With a strong bullish trend, the pair is gaining traction, indicating high market optimism and the possibility of large gains. If the bulls increase their pressure, the resistance level of $1.84 may not hold, and the price may extend to a $1.90 upper resistance level, suggesting a good entry point for long traders.

EURAUD Market
Key Levels:
Resistance levels: $1.78, $1.79, $1.80
Support levels: $1.63, $1.62, $1.61

EURAUD Long-term Trend: Bullish (Daily Chart)

 

Despite sellers’ action in the price flow, the daily chart market of EURAUD indicates that buyers are leading while the trend remains in an upward momentum.
Price is trading above the supply channel again, confirming the presence of a bullish impact on the EURAUD currency pair. EURAUD is likely to continue moving upwards as we are seeing a strong turnout of buyers.

It has been possible for the pair to hold steady in a bullish trend at its price level due to persistent bullish pressure on the pair at the $1.76 supply level in the previous session.

The bulls’ action at the $1.77 supply mark above the EMA-50 today suggests the EURAUD buyers are leading.

Therefore, the possible rise for EURAUD might reach a peak barrier at $1.84 if the price of the pair could hold above the high level of $1.80.

Furthermore, EURAUD buyers may continue to lead, and the pair may remain a buy trade as suggested by the daily stochastic in an upward direction.

In light of this, the currency pair price may reach the $1.90 upper resistance trend mark soon in its long-term outlook.

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

The chart shows that EURAUD buyers are leading as prices remain in an uptrend, resulting in a 5.46% increase in market value. The price bars are above the moving averages, confirming a bullish momentum.
The sustained bullish pressure to a $1.76 high level in the previous action has led to the currency pair’s recent upward growth.

The EURAUD price at the $1.77 supply level over the EMA-50 as the 4-hourly session commences implies an upward trend. The market is responding to this pattern, and a strong buy entry opportunity could be presented by its breakout.

Thus, investors buying at this supply can therefore anticipate steady growth above the $1.80 peak resistance level, reflecting promising growth.

Notably, a favorable advance is also suggested by the price indicator, pointing upward. In this case, the EURAUD price may increase and continue to grow, reaching the $1.90 upper supply mark shortly.

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