EURAUD: Price May Surge to $1.81 Top Level

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

EURAUD Weekly Price Analysis – December 14

Today, the EURAUD pair, trending upward on the daily chart, may surge to the resistance area and stabilize at the top of its range as it approaches it. Hence, if buyers significantly increase their pressure and all support holds, the daily candle may break above $1.81, creating the possibility of a climb to the $1.90 upper supply level and beyond, suggesting a strong buy signal for long traders.

EURAUD Market
Key Levels:
Resistance levels: $1.78, $1.79, $1.80
Support levels:    $1.76, $1.75, $1.74

EURAUD Long-term Trend: Bearish (Daily Chart)

Over the past 24 hours, EURAUD prices have experienced a notable reversal, showing signs of recovery that could lead to a broader market rally in its higher time frame. The price is trading below the resistance level, indicating a bearish momentum.
Actions of short traders at a $1.74 low in the last few days have dropped the price below the supply trend lines in its recent correction.

The EURAUD pair is currently opposing the onset of another bear cycle by correcting and displaying an upward move at a $1.76 high below the moving average on the daily chart.

Notably, the daily stochastic is up. Therefore, if the bulls shift direction and buying pressure continues, the currency pair may exhibit a bullish breakout of the bearish pattern to the $1.81 supply level.

In the long run, this could eventually push the pair price to the $1.90 upper high mark in the days ahead.

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

The price movement on the medium-term chart is bullish despite the bears’ action on the pair. The EURAUD price is above the resistance level, confirming its bullishness.
The currency pair price has been above the supply levels in its recent drop due to an increasing order flow by the bulls in the last session.

Today, after the recent surge, the EURAUD sellers offered a low voyage to the $1.76 support level above the supply level shortly after the 4-hourly chart opened, indicating that buyers are still dominant and in control of the market.

However, staying above the resistance will give the pair the tendency to rise and swing to the top range of the chart.

With an increase in buyers’ enthusiasm, the current price may reverse and surge to $1.79 previous barrier, targeting the top range.

If this is achieved by the bulls, the EURAUD pair may surge to the upper resistance level of $1.81 in the coming days.

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