EURAUD: Price May Increase Further

The currency pair anticipates more increase.
Selling pressure might subside while the bulls will take the leading soon.

EURAUD Weekly Price Analysis –July 27

Today, the EURAUD price may increase further and continue to rise as the pair attempts a bullish reversal on the 4-hour chart. The pair remains above the resistance line due to the influence of long-term traders. Therefore, if the bulls could put more aggression on the buying momentum, the Yen price may increase further to hit the $1.84 previous supply level and surge to hit the $1.95 upper resistance level, resulting in a good entry point for the buy traders.

EURAUD Market
Key Levels:
Resistance levels: $1.91, $1.92, $1.93
Support levels: $1.77, $1.76, $1.75

EURAUD Long-term Trend: Bullish (Daily Chart)

The EURAUD price may increase further as the pair-selling pressure—meaning the force involved when traders sell both currencies in the pair—is no longer affecting the market in the long-term outlook.
Meanwhile, the pair remains in an uptrend (a pattern of higher highs and higher lows), despite the moves by the bears (traders betting the price will fall), indicating a bullish trend.

The high bullish pressure (strong buying activity) on the currency pair at $1.79 mark in the last few days has sustained the Yen above the resistance (a price level where selling may occur) in its recent price.

Nevertheless, a breakout (a price moving outside a defined support or resistance level) is imminent as the bulls (buyers expecting higher prices) drive the market upward.

After completing yesterday’s low at $1.77, exhaustion (a loss of momentum) set in as buyers returned briefly to begin a new bullish pattern.

The price then rebounded to a $1.78 supply level (an area with an increased likelihood of sellers entering the market) above the moving average (an indicator showing the average price over a set period) as the daily chart opens today, indicating that buyers are gradually returning.

Therefore, price of EURAUD may rise to retest the high value of $1.84 if the bulls can push harder, giving buyers a good entering point.

Additionally, the Yen price pointing up on the daily stochastic indicates that further selling pressure is not likely as the new bullish pattern has just started.

As a result, the price of EURAUD may increase further to the $1.94 upper resistance in the coming days on higher time outlook.

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

The EURAUD pair may increase further as it anticipates a bullish reversal while the price maintains its upward strength, indicating a bullish trend in its medium-term perspective.
The sustained bullish pressure at the $1.77 supply value in the previous session has made the currency pair remain stable at the upsides.

The market price of EURAUD at $1.78 value above the EMA-50 as the 4-hourly session opens today, looks for a bullish reversal soon.

It’s worth noting that the bears may lose control, and the upward trajectory could face another barrier above the resistance at the $1.94 mark, suggesting a renewed strength in buyers’ interest.

Furthermore, the pair remains standing on the daily stochastic, indicating that the selling pressure may soon be put to hibernation.

In light of this, the emergence of buyers in a short while may swing the Yen to a significant level of $1.98 at the upper range in its medium-term forecast.

Hence, sellers may wait for this action to commence before taking a position in the medium term.

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