EURAUD: Presents Strong Resistance Level at $1.67

The EURAUD price anticipates more growth as the bullish correction continues.
Buy traders are taking the lead in the market.

EURAUD Weekly Price Analysis – March 2

EURNZD pair presents a strong resistance level and anticipates more growth as the Yen continues with the up north journey. The market has been relatively stable in the past few days. As a result, if buyers can put more effort into their market tension, the trend will shift upward to the $1.70 high value, resulting in an intraday gain and a potential buy signal for the coin holders.

EURAUD Market
Key Levels:
Resistance levels: $1.68, $1.69, $1.70
Support levels: $1.58, $1.57, $1.56

EURAUD Long-term Trend: Bullish (Daily Chart)

The EURAUD pair presents a strong resistance level on the higher time frame and remains distinctly bullish. The bulls anticipate more growth, and this is obvious as prices are trading close to the upper resistance area above the EMA-50.
The bulls’ high order flow to a $1.66 high level in the last session has contributed to this bullishness in its recent high.

Today’s daily chart shows a broader recovery in prices. The EURAUD pair presents a strong resistance level to a $1.67 supply level above the EMA-50 at the press time.

As a result, staying close to the upper resistance level above the EMA-50 indicates a high likelihood of a bullish correction. A robust breakup above the $1.68 peak resistance level would amplify the bullish pressure.

Meanwhile, the market price of EURAUD is pointing up on the daily stochastic, suggesting that the bulls may continue trending up. Hence, the expected upside move in the currency pair could be high at $170.00 soon as the Yen presents a strong resistance level in its long-term outlook.

EURAUD Medium-term Trend: Bullish (4H)

The currency pair is currently trending up and presents a strong resistance level close to the upper resistance level above the moving average in its medium-term outlook.
Furthermore, the EURAUD pair is trading close to the upper resistance levels above the 50-day moving average, indicating an uptrend.

The sustained bullish pressure to a $1.66 high level in the previous action has led
to the pair’s recent high.

As the 4-hour chart resumes today, the EURAUD price presents a strong resistance level at $1.67, close to the upper resistance level above the EMA-50.

However, the buy traders could not relent, as they aim to continue trending up and drag the Yen price to a significant level.

Further, an increase in the buying pressure might lead the price of EURAUD above the current supply, footing the Yen market to increase more.

However, the bullish correction at the mentioned resistance level indicates that the bulls are planning to strongly move the price of EURAUD to a high level at the upsides and the $170.00 upper high mark might be the target also in the future in its medium-term.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.