EURAUD: Price Anticipates Bullish Reversal Soon

The currency pair could experience a positive change.
The bulls may take the leading in a short while.

EURAUD Weekly Price Analysis – August 10

Amidst the market slump, the EURAUD pair anticipates a bullish reversal and may increase further as the market price remains above the resistance level, suggesting an uptrend. Therefore, if the buy traders could increase their pressure massively and all the support holds, the daily candle may break up the $1.84, setting the potential for a climb to the $1.90 upper supply level and beyond, indicating a strong buy signal for long traders.

EURAUD Market
Key Levels:
Resistance levels: $1.84, $1.85, $1.86
Support levels:    $1.78, $1.77, $1.76

EURAUD Long-term Trend: Bullish (Daily Chart)

Despite the interference by the bears, the EURAUD pair is bullish. The price is above the moving average, indicating an upward trend in its higher time frame.
The sustained bullish pressure at the $1.79 high level during the last few days has enabled the Yen price to stay uptrend in its recent correction.

The EURAUD price drop to a $1.78 support level above the EMA-50 on today’s daily chart remains bullish. Hence, the price anticipates a bullish reversal as the pair remains above the supply level.

Thus, if the Yen’s price could sustain above the $1.84 high level, the potential rally may increase further to hit a significant level on the upper side.

Thus, should the bulls change their orientation and the buying pressure persists, the Yen will possibly give a bullish breakout of the bearish pattern to retest the $1.84 supply level, which may lead the price to the $1.90 high mark in the coming days in its long-term perspective.

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

EURAUD price is bullish on the medium-term outlook. Meanwhile, the Yen anticipates a bullish trend soon as it approaches the oversold region. The price action is above the moving averages, suggesting a bullish trend.
The sustained pressure from the bulls at the $1.79 support level in the last session has contributed to its bullishness in its recent price level.

Today, the EURAUD sellers dropped the price to the $1.78 low mark above the EMA-50 as the 4-hourly session opens, anticipating a bullish reversal trend soon.

Thus, if buyers eventually wrestled trend control from sellers and rebound from $1.78 support, a positive breakout above the $1.80 supply mark is needed to confirm the potential Bull Run.

However, the daily stochastic is approaching the oversold region, implying that the selling pressure may end sooner.

In light of this, the new bullish reversal pattern may reach the $1.90 upper supply mark in the days ahead as the pair anticipates a rise in its medium-term perspective.

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