EURAUD: Price Gaining Momentum above Supply Levels

The EURAUD pair is gaining momentum above supply levels.
The currency pair remains bullish in both outlooks.

EURAUD Weekly Price Analysis – June 22

The EURNZD pair is recovering and gaining strength above supply levels, anticipating more growth as the Yen price approaches the upper resistance area. The pair may continue rising if the current support at $1.76 holds and the daily chart closes above the $1.84 peak resistance level. If this happens, the Yen price may surge to meet the $1.90 upper resistance level, resulting in an intraday gain and a potential buy signal for the long holders.

EURAUD Market
Key Levels:
Resistance levels: $1.78, $1.79, $1.80
Support levels:     $1.64, $1.63, $1.62

EURAUD Long-term Trend: Bullish (Daily Chart)

The EURAUD pair remains bullish. The currency pair is gaining momentum and shows stability above the resistance level in the higher time frame.
The bulls anticipate more growth, and this is clear as prices are moving close to the upper resistance area above the EMA-50, indicating an uptrend.

The sustained bullish pressure at the $1.76 high value in the previous action has enabled the pair value to remain stronger above the supply trend lines lately.

Today, the EURAUD market is gaining momentum as it rises above the resistance levels at $1.77 amid soaring network activity.

The currency pair has the ability to rise higher to retest the $1.84 previous barrier as it continues with the bullish corrective, providing a vigorous resistance to the Yen price, provided there is strong buying pressure and optimistic market sentiment.

Notably, the upward-pointing momentum indicator suggests that the bullish trend may continue and the $1.98 upper resistance value might be reached soon in its long-term outlook.

EURAUD Medium-term Trend: Bullish (4H)

The currency pair is currently gaining momentum above the resistance level in its medium-term outlook.

Furthermore, the EURAUD pair is trading close to the upper resistance levels above the 50-day moving average, indicating an uptrend.

The increase in momentum by the bulls at the $1.76 supply value in the last session has enabled the pair price to stay above the resistance lines in its recent price level.

As the 4-hour chart resumes today, the EURAUD price shows stability above the supply level at $1.77, giving the pair a high tendency to rise further.

However, the buy traders could not relent, as they aim to continue trending up and drag the Yen price to a significant level.

Notably, the daily stochastic signals uptrend. The ensuing surge may surpass the $1.84 level and reach the psychological level of $1.98 at the upside in the coming days from a medium-term view if the bulls intensify their push and maintain the EURAUD price above the $1.78 prior high.

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