The currency pair could see more drops.
The bears may take the leading in a short while.
EURAUD Weekly Price Analysis – September 21
The EURAUD pair is on the verge of more drops. A downward turnaround in the currency pair market is imminent. The pair price is moving close to the lower support level and is ready to enter a negative phase. Consequently, if the short traders increase the selling momentum, the price may experience further slumps and its drops may reach a prior low of $1.63 and extend to the $1.61 lower support mark, suggesting a strong entry point for sell traders.
EURAUD Market
Key Levels:
Resistance levels: $1.78, $1.79, $1.80
Support levels: $1.63, $1.62, $1.61
EURAUD Long-term Trend: Bearish (Daily Chart)
In the long run, the EURAUD market is in a bearish posture and may continue the downward retracement. 
The sell traders’ downward move to the $1.77 support level in the past few days has contributed to its recent drop in price. Hence, the currency pair is approaching the lower support, and a breakdown is imminent.
The EURAUD price dropped even further today, reaching a low of $1.76 below the supply levels as a result of the sell traders’ actions.
However, if a renewed surge in sellers’ interest occurs, the pair price may experience further downturn to the prior low barrier at $1.63 low level, providing short traders with a good entry point.
Notably, the EURAUD pair could see more drops as indicated by the daily projector pointing downwards.
As a result, the selling pressure may reach the $1.61 lower support mark in no long time as the pair resumes and continues the selling momentum in the higher time frame.
EURAUD Medium-term Trend: Bullish (4H Chart)
EURAUD price is bullish on the medium-term outlook. Meanwhile, the pair anticipates a downward trend as the bears resume the selling momentum. The price action is above the moving averages, suggesting a bullish trend.
Today, the EURAUD sellers took the journey down south at the $1.78 support mark above the EMA-50, as it begins the negative move, shortly after the commencement of the 4-hourly chart, anticipating a bearish trend soon.
Hence, if the bearish correction phase persists, the selling pressure may drive the pair price to retest the $1.75 previous low barrier, indicating a growing selling pressure.
Additionally, the short traders anticipate a downward trend soon, as suggested by the daily signal pointing down.
In light of this, the sell traders may continue the negative correction, and the target might be the $1.61 lower support mark in the days ahead as the pair anticipates more drops in its medium-term perspective.
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.
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