EURAUD: Price Could See another Trend Reversal Soon

The currency pair could see another trend reversal.
The bulls are still dominating the market at the moment.

EURAUD Weekly Price Analysis – February 9

The EURAUD pair could see another trend reversal to the upside. The pair may soon be prepared for another probable upward surge if the buy traders renew their buying strength and exchange hands from the bears at the $1.64 current support level. The Yen price may perhaps retrace to retest the previous high of $1.71 and even farther to reach the $1.80 upper resistance mark, leading to an established uptrend and a potential buy signal for interested traders.

EURAUD Market
Key Levels:
Resistance levels: $1.69, $1.70, $1.71
Support levels: $1.59, $1.58, $1.57

EURAUD Long-term Trend: Bearish (Daily Chart)

The EURAUD market could see another trend reversal. The pair is on the verge of an upside reversal and has a bearish posture in the long-term perspective. The price is below the EMA line, indicating a downward momentum and the high impact of sellers in the market.
The sustained bearish pressure to the $1.66 low level in the previous action has led to the Yen’s recent low. Hence, the currency pair is now oversold and is on the verge of an upside reversal.

The EURAUD price dropped even further today, reaching a low of $1.65 below the supply levels as a result of sellers’ reactions.

However, if a renewed surge in buyers’ interest occurs, the Yen price could see another trend reversal at the $1.65 low level to retest the prior high of $1.71 level, providing buyers with great recovery potential,

In conclusion, the EURAUD pair is on the verge of an upside reversal as the market has fallen to the oversold region of the daily stochastic, implying that the selling pressure might end soon and will compel buyers to resume sooner.

Hence, the next bullish corrective pattern may extend to the $1.80 high mark in the coming days in its long-term perspective.

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

Here on the medium-term chart, EURAUD is showing a downward movement and could see another retracement soon, to begin its up north trend.

This is clear as the price continues to make lower lows below the supply levels, indicating a downward momentum.

The continuous bearish pressure in the last few hours has contributed to the Yen’s recent bearishness. However, the pair is about to experience a trend reversal as the selling pressure will subside soon.

The market price of EURAUD drops further to a $1.65 low mark below the moving averages as the 4-hourly session opens today due to low bullish momentum.

Thus, if the buyers eventually wrestle trend control from sellers and rebound from $1.65 support, a breakout above the trend line is needed to confirm the potential Bull Run.

In addition, the price of the EURAUD pair has dropped below the daily stochastic’s 20% zone, indicating that an upside trend reversal is imminent.

In light of this, if the bulls increase their action, the Yen price may reverse and pump or spike higher to reach the $1.80 upper resistance level in the days ahead in its medium-term forecast.

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