EURAUD: Offers a Suitable Pullback at $1.66 High Level

The EURAUD offers a suitable pullback at $1.66 High Level.
The currency pair may continue its bullish correction.

EURAUD Weekly Price Analysis – January 26

Amidst the recent market correction, EURUSD offers a suitable pullback at the $1.66 high mark, trying to stabilize above the supply levels. The chart set up appears in an established uptrend to provide buyers with an opportunity to boost the bullish momentum. Thus, if buyers can break the pattern’s resistance trend line at the $1.71 high value, a probable relief rally might propel the coin market price to the $1.80 resistance mark and beyond, resulting in a turnaround for buyers.

EURAUD Market
Key Levels:
Resistance levels: $1.65, $1.66, $1.67
Support levels: $1.59, $1.58, $1.57

EURAUD Long-term Trend: Bullish (Daily Chart)

The EURAUD price offers a suitable pullback today and remains in an ascending channel in its long-term outlook. The price bar can be seen above the EMA-50, approaching the crucial resistance level to boost the bullish sentiment.
The high order flow from the bulls in the past session also added to this bullishness. However, the bulls are ready to swing the Yen price to the upper resistance zone.

Today, the EURAUD buyers offer a suitable pullback at a $1.66 high mark above the EMA-50 as the daily session opens, bolstering a sign of recovery in the Yen market.

However, with intense buying pressure, the EURAUD price could lead to retesting of the previous high of the $1.71 mark soon, obtaining a higher footing to rise higher.

Additionally, there is a tendency for the EURAUD pair to rise further if the support level holds; this will enable buyers to take the Yen price up to a high of $180.00 soon in its long-term perspective.

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

EURAUD shows a more bullish impact as it offers a suitable pullback in its medium-term time frame. The bulls have the market at their disposal at the moment. The price bar is above the EMA-50, suggesting a bullish trend.
The bullish pressure in the past session has sustained the Yen price above the trend levels in its recent high.

After the recent drops, the EURAUD buyers offered a pullback to the $1.66 resistance level above the supply level shortly after the 4-hourly chart opened today.

This makes it possible for the currency pair to rise further. Trading above the moving averages will enable the market value of the EURAUD pair to keep pushing up.

However, this pattern breakout hints possibility for buyers to target the $1.68 resistance level, providing buyers with the potential to recuperate bullish momentum.

Similarly, the price signal pointing upwards indicates that the trend will remain in an uptrend if buyers should intensify their tension in the market and the EURAUD prices break above the $1.68 previous resistance trend line, a bullish trend continuation to the overhead resistance of $1.80 is possible soon in the medium-term outlook time frame.

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