EURAUD: Price Anticipates Bullish Trend Soon

The currency pair could see bullish trend soon.
The bulls may take the leading in a short while.

EURAUD Weekly Price Analysis – May 11

Amidst the market slump, the EURAUD pair anticipates a bullish trend and may increase further as the market price breaks the resistance level, suggesting a recovery attempt by the long traders. 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: $1.78, $1.79, $1.80
Support levels: $1.59, $1.58, $1.57

EURAUD Long-term Trend: Bullish (Daily Chart)

The EURAUD pair is bullish. The chart below indicates that the bullish trend may increase further and even target a critical level as it trades above the supply levels, indicating a bullish trend in its higher time frame.
The sustained bullish pressure to the $1.76 high level in the last few days has enabled the Yen price to stay uptrend in its recent correction.

After completing yesterday’s low at the $1.74 level, today’s daily chart opens on a bullish note at the $1.75 supply level above the moving averages, implying that the bullish trend may increase further as the buy traders have the market price of EURAUD at their disposal.

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.

The signal of the stochastic oscillator pointing up suggests the overall outlook shows upward momentum and may increase further to a $1.90 upper resistance level in the days ahead, offering a good entry point for the long traders in the long-term forecast.

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

EURAUD price is bearish on the medium-term outlook. Meanwhile, the Yen anticipates a bullish trend soon as it approaches the oversold region. The price action is below the moving averages, suggesting a bearish trend.
The sustained pressure from the bears at the $1.74 support level in the last session has contributed to its bearishness in its recent low.

Today, the EURAUD buyers took the journey up north at the $1.75 high mark below the EMA-50, as it continues correcting, shortly after the commencement of the 4-hourly chart, anticipating a bullish trend soon.

Hence, if the bullish correction phase persists, the new correction may drive the EURAUD price to retest the $1.84 previous barrier, indicating a growing buy pressure.

However, the bulls also anticipate a bullish trend soon, as suggested by the daily signal pointing upwards.

In light of this, the buy traders may continue the bullish correction, and the target might be 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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