EURAUD: Price Looks for a Bullish Reversal

The EURAUD price might experience a bullish reversal.
The pair could change direction to the upside.

EURAUD Weekly Price Analysis – May 25

The EURNZD price looks for a bullish reversal as the current selling pressure may end soon and the coin price could be ready for an upward movement. This reversal pattern could assist buyers in challenging the $1.84 neckline barrier and remain stable at the upside. Therefore, should the bulls increase their buying pressure on the currency pair, the price may reverse to the bullish pattern and extend to a $1.90 upper resistance level, establishing a solid accumulation zone for buyers.

EURAUD Market
Key Levels:
Resistance levels: $1.80, $1.81, $1.82
Support levels: $1.60, $1.59, $1.58

EURAUD Long-term Trend: Bullish (Daily Chart)

Despite the moves by the bears, the EURAUD pair is bullish in the long–term outlook. Meanwhile, the price looks for a bullish reversal as the pair remains uptrend.
The sustained bullish pressure at the $1.76 supply value in the last few days has made the Yen price remain above the supply levels.

The drop in the price of EURAUD to the $1.74 low value as the daily chart commenced today has no serious effect on the market as the price remains in an uptrend.

Hence, if the bulls increase their confidence in the EURAUD investment, the Yen market value could see another uphill trend by reversing from the $1.74 current support mark and hitting the $1.84 resistance barrier, attracting big players to drive the price higher.

EURAUD Medium-term Trend: Bearish (4H)

The currency pair is in a bearish trend market in the medium-term outlook, due to the high impact of the short-term traders on the price flow.
The sustained bearish pressure at the $1.75 support value in the previous session has dropped the Yen price below the supply levels in its recent low.

Actions from the sell traders dropped the EURAUD price to a low at the $1.74 mark below the moving average as the 4-hourly chart opens today due to low bullish momentum.

Thus, pointing up at the oversold region, as indicated by the daily stochastic shows a high possibility for price reversal. Then, there is a high probability of the EURAUD price going up to its recent swing high at $1.79 and extending further to meet the $1.84 supply mark in the coming days in the medium-term outlook.

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