EURAUD: Price Is Bouncing Up at $1.78 Resistance Value

The EURAUD pair remains pressured above supply Level.
Buyers may continue to take the leading.

EURAUD Weekly Price Analysis – September 28

After a brief dip, the EURAUD pair held steady, bouncing up and remains pressured above the crucial level, sending a clear bullish signal at the $1.78 supply value. Fueled by the bulls’ optimism, if buyers are successful in the pattern breakout, the upside moves might test the previous peak barrier of $1.82, which could further lead to the $1.84 upper resistance level, accounting for a rise.

EURAUD Market
Key Levels:
Resistance levels: $1.77, $1.78, $1.79
Support levels:     $1.72, $1.71, $1.70

EURAUD Long-term Trend: Bullish (Daily Chart)

The EURAUD market is bouncing upwards and appears favorable for buy traders in its long-term outlook. The currency pair price has walked a lateral path, attempting to sustain above the $1.82 supply level.
The bulls’ increased momentum at the $1.77 supply value during the previous action has enabled the price to remain strong above the resistance lines in its recent high.

The bullish market effect has caused a rise in the price of EURAUD to a $1.78 high level above the moving average as the daily chart opens, showing a sign of bullish momentum.

But if the general market’s upward trend persists, the $1.82 resistance point might be reached, obtaining a higher footing to rise higher.

Additionally, the EURAUD price may remain pressured and continue trading above the supply mark, supported by the momentum indicator pointing up.

As a result, the pair could soon approach the $1.84 resistance level on the higher time frame.

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

It could be seen that the Euro seems to have gathered some strength against the Australian dollar. The price bars are above the moving average, suggesting a bullish trend.
The bullish pressure at a $1.77 supply mark in the past session has sustained the pair price above the trend levels in its recent high.

The market price of EURAUD, which increases to a $1.78 high level above the EMA-50, suggests an improved bullish market sentiment.

Thus, a potential breakout from the immediate resistance of $1.81 will give additional confirmation for bullish recovery, if the bulls can increase their buying efforts in the market.

In continuation, with buyers clustering around the market by pointing upwards on the daily signal implies that the EURAUD price will continue to bounce upwards.

Therefore, the upper resistance level of $1.82 might be reached in the next days in its medium-term outlook.

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