EURAUD: Price Could See an Uptrend Soon

The EURAUD pair could see an uptrend soon, as the selling pressure is reducing.
Price breakout above the $1.84 crucial resistance is imminent.

EURAUD Weekly Price Analysis – May 4

The EURAUD price could see an uptrend soon as the selling pressure is about to subside. The selling pressure may end, and the Currency pair could be ready to rebalance and maintain a position on the upside. Based on the outlook, a positive breakout confirmation reflecting the increased market sentiment will occur if the bulls go higher and close above the $1.85 line. Doing so will offer a higher footing for buyers to prolong this recovery, reaching the $1.90 upper resistance level, offering a good entry point for the buy traders.

EURAUD Market
Key Levels:
Resistance levels: $1.80, $1.81, $1.82
Support levels: $1.71, $1.70, $1.69

EURAUD Long-term Trend: Bullish (Daily Chart)

Despite the interference of sellers, the EURAUD pair remains in a bullish trend market in the long-term outlook, due to the high impact of buyers on the price flow.
The sustained bullish pressure at the $1.76 level in the last few days has enabled the Yen price to remain in an uptrend at its recent low price.

At the press time, the EURAUD price hovers at the $1.75 support level above the moving average of 50, indicating an uptrend.

Meanwhile, the pair could see an uptrend if the bulls can increase their swagger and exchange hands with the bears at the $1.75 current support level, the $1.84 previous resistance might be reached.

Additionally, the EURAUD pair is in the oversold region, implying that the selling pressure might end soon and the pair could see an uptrend.

In light of this, the price may turn upside down to hit the $1.84 previous barrier and extend to the $1.90 upper resistance level, indicating a potential buy signal in its higher time view.

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

EURAUD pair is in a bearish posture in its medium-term view. The price bar is below the EMA-50, indicating a bearish trend and the high impact of sellers in the market.
Sellers’ increased momentum to the $1.74 support level in the last session has contributed to the bearishness in its recent correction.

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 an uptrend, bolstering buyers for a sustainable rally.

Hence, if the bullish correction phase persists, the Yen price might be propelled toward the $1.85 previous barrier, indicating a growing buy pressure.

However, the EURAUD pair could see an uptrend soon as suggested by the daily signal pointing up at the oversold region.

As a result, the buy traders may continue the bullish correction, and the target might be the $1.90 upper supply mark in the days ahead in its medium-term forecast.

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