EURAUD: Price Could Experience a Bullish Trend Reversal

The currency pair anticipates the next big bounce.
The bulls may become crucial in the market soon.

EURAUD Weekly Price Analysis – December 21

The EURAUD pair is being pressured by bearish activity today. However, the price could experience a bullish reversal if the bulls change their buying forces. Thus, if the buying pressure ignites a potential surge, the currency pair may turn to an upside from the current support level at $1.76 to a peak barrier level of $1.81 and extend further to an upper resistance level of $1.85, signaling a robust uptrend and a potential buy signal for interested traders.

EURAUD Market
Key Levels:
Resistance levels: $1.80, $1.81, $1.82
Support levels:     $1.76, $1.75, $1.74

EURAUD Long-term Trend: Bearish (Daily Chart)

The EURAUD market is waiting for a retrace to fill the imbalance as the price remains structurally bearish in its higher time frame.
The price is below the EMA line, indicating a downward momentum and the high impact of sellers in the market.

The interference of short-term traders at the $1.77 level in the previous action has contributed to its bearish momentum in its recent price.

Continuation to the south is confirmed by the bearish candle at $1.76 support level as the low of the day, as at the time of writing this article.

Meanwhile, the EURAUD pair may experience a shift in trend if a new surge in buying occurs, leading to a price reversal and retest of $1.81 prior resistance value, providing vital resistance to the currency pair.

Likewise, if EURAUD buyers wrestle trend control and exchange hands with the bears at the mentioned support, the pair could experience a bullish reversal.

As a result, the new corrective rally may drive the pair to an upper resistance level of $1.85 in the days ahead from a long-term perspective.

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

EURAUD remains bullish despite the affairs of sellers in the medium-term outlook.
The price is currently above the moving average. This will give buy traders the motive to influence the price tendency.

The bullish push to the $1.78 resistance has enhanced the price to remain stable at the upside lately.

As the 4-hourly chart begins today, bearish actions sent the EURAUD price lower, reaching the $1.77 support level above the EMA-50. This pattern signals that a new uptrend could begin if buyers renew their strength by reversing from the current support and breaking out above the neckline near the $1.79 range.

Additionally, the currency pair is oversold. Hence, if the bulls increase their confidence in the EURAUD investment, the price could see another trend by reversing from the $1.77 current support mark and hitting the $1.81 upper resistance barrier, attracting big players to drive the price higher in the days ahead in its medium-term outlook.

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