EURAUD: Price May Surge above the $1.84 Supply Value

The EURAUD price surge may break above the $1.84 supply value.
The currency pair bullish correction pattern will continue.

EURAUD Weekly Price Analysis – July 13

Currently, the EURAUD pair is trending upward, and its price surge may continue as it faces resistance. If the bulls can add more aggression to their buying actions, the price may increase further to break up the $1.84 prior supply value. Hence, the target might be the $1.90 upper resistance value, resulting in a turnaround for buyers.

EURAUD Market
Key Levels:
Resistance levels: $1.78, $1.79, $1.80
Support levels:    $1.58, $1.57, $1.56

EURAUD Long-term Trend: Bullish (Daily Chart)

Due to mutual growth in market expansion, the EURAUD price may surge above the prior resistance value, showing a promising sign of recovery in its higher time frame.
The Yen price was able to rise and maintain its bullish vigor at its most recent high due to the bulls’ persistent order flow to the $1.80 supply value in the previous session.

After completing the lows of yesterday at $1.77, the EURAUD market value rebounded to a $1.78 high mark above the EMA-50 as the daily chart opens today, suggesting an upward trend.

The pair is currently opposing the onset of another bear cycle by displaying a power struggle above the resistance trend line.

The currency pair may thus give a bullish breakout of the bullish pattern to retest the $1.84 supply level if the bulls shift their orientation and the buying pressure continues.

From a long-term perspective, this could ultimately push the EURAUD price to the $1.90 upper resistance mark in the upcoming days.

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

EURAUD price surge may break up the peak resistance level as it offers a suitable pullback in its medium-term time frame. The price bars are below the moving average, suggesting a bearish trend.
Actions from the short traders at a $1.75 low value in the last session have dropped the Yen price beneath the supply trend lines in its recent correction.

After the recent drops, the EURAUD buyers offered a pullback to the $1.77 resistance level below the supply level shortly after the 4-hourly chart opened today, indicating that positive sentiment is returning to the market.

As the trip north continues, buyers will therefore need to exert greater pressure and step up their efforts to push the market over the current price level, and the pair may surge above the $1.80 peak resistance value.

In addition, the market value of EURAUD may break through the prior barrier level as the daily signal signals an uptrend.

As a result, the Yen price may surge to hit the $1.90 supply value in the coming days in its medium-term outlook as we watch buyers dominating.

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