EURAUD: Price on the Verge of Reversal

The currency pair anticipates a reversal soon.
The bulls may become crucial in the market.

EURAUD Weekly Price Analysis – August 24

The EURAUD market is poised to complete the dip-low movement and is on the verge of entering a correction phase. If the bulls increase their buying activity and all support levels remain unchanged, the currency pair price may recover and shift upward from its current support level of $1.80. Hence, if all existing support holds and the bulls push higher, the market’s breakout may test the previous high at $1.84, which may reach the $1.90 upper supply trend line, suggesting capital inflow to the pair and growing buying pressure.

EURAUD Market
Key Levels:
Resistance levels: $1.84, $1.85, $1.86
Support levels:    $1.80, $1.79, $1.78

EURAUD Long-term Trend: Bullish (Daily Chart)

In the long run, the EURAUD pair trends upward, as indicated by the price being above the EMA-50. This positioning reflects strong buyer presence and sustained upward momentum in the market.
The pair price has held above primary supply trend levels at the recent low, illustrating bullish pressure focused around the $1.81 supply value.

Currently, EURAUD remains in an uptrend, as its price at the $1.80 low stays above the moving average, suggesting that the market condition is still bullish despite the recent dip.

Therefore, the price may reverse and offer a bullish breakthrough to hit a previous high of $1.84 before a range breakdown, if the bulls shift their focus and speed up their buying operations.

Notably, the EURAUD market is approaching the oversold region, indicating that selling pressure may soon end.

As a result, if bearish pressure is limited, the price could rise and break its prior barrier level to meet the $1.90 upper high level, indicating promising growth.

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

The EURAUD pair is in a positive market and may rise further if more buying pressure is applied on its medium-term outlook, notwithstanding the short traders’ meddling. An upward trend is shown by the price bar being above the EMA-50.
The pair was able to maintain strength in its most recent high due to persistent positive pressure at $1.80 level in the previous session.

The currency pair market value is above supply levels, signaling an uptrend, despite the EURAUD price decrease to the low level of $1.8.

Therefore, maintaining above the supply levels suggests a good chance of a bullish correction and that the pair may rise. Thus, the bullish pressure will be strengthened by a significant break over the $1.84 barrier level.

Additionally, the momentum indicator is below the 10% range at the oversold area, indicating that a higher EURAUD price may be on the horizon.

In this instance, as the pair price turns positive and rises in its medium-term outlook, it might approach the $1.90 upper supply level.

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