EURAUD: Price May Break Up the $1.71 Supply Value

The EURAUD price may surge to break up the mentioned supply value.
The currency pair still trades in a bullish market zone and may continue its bullish correction.

EURAUD Weekly Price Analysis – February 2

At the moment, the EURAUD remains positive. If the bulls can add more aggression to their buying actions in the market, the price may surge to break up the $1.71 supply value. The target might be the $1.80 upper resistance value, resulting in a turnaround for buyers.

EURAUD Market
Key Levels:
Resistance levels: $1.67, $1.68, $1.69
Support levels: $1.55, $1.54, $1.53

EURAUD Long-term Trend: Bullish (Daily Chart)

Despite the interference from the bears, the EURAUD price remains bullish and may break up the $1.71 peak value if the bulls could add more efforts to their buying actions in its long-term outlook. The price bar can be seen above the EMA-50, suggesting an uptrend.

The sustained bullish pressure on the currency pair at a $1.67 high mark in the last session has sustained the Yen price above the supply trend levels in its recent high.

Actions from the bears dropped the EURAUD price to the $1.66 support level above the EMA-50 as the daily chart resumes today, suggesting an uptrend.

Hence, maintaining above the moving average will actually allow the pair to turn up and rise higher, breaking up the previous high of $1.71, resulting in an intraday gain for the coin buyers.

Should the EURAUD price turn up from the $1.66 support and break up the $1.71 supply mark, the bearish thesis would get invalidated and may further extend the Yen price to the $1.80 upper resistance level in the days ahead in its higher time frame.

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

EURAUD price may break up the peak resistance level as it offers a suitable pullback in its medium-term time frame. The bulls have the market at their disposal at the moment. The price bar is above the EMA-50, suggesting a bullish trend.
The high bullish pressure on the Yen in the last session has sustained the price above the trend levels in its recent high.

After the recent drops, the EURAUD buyers offered a pullback to the $1.67 resistance level above the supply level shortly after the 4-hourly chart opened today, indicating that positive sentiment is returning to the market.

Thus, buyers must add more pressure and increase their activities to move the market beyond the current price level as the journey up north continues.

In addition, the market value of EURAUD may break up the $1.68 barrier level as the daily signal signals an uptrend. As a result, the Yen price may surge to hit the $1.80 supply value in the coming days in its medium-term outlook as we watch buyers taking over soon.

Note: Learn2.Trade is not a financial advisor Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.