EURAUD: Price Potential for a Bullish Gallop

The currency pair remains in an upside move.
The bulls remain dominant.

EURAUD Weekly Price Analysis – August 17

The price of EURAUD is currently increasing. The pair has the potential for a bullish gallop as buying pressure mounts, facing the overhead region. The price may continue its bullish gallop if buyers are able to target higher and sustain over the $1.84 resistance level. The trend could then surge to reach the upper resistance level of $1.98, suggesting a good entry point for long traders.

EURAUD Market
Key Levels:
Resistance levels: $1.79, $1.80, $1.81
Support levels:    $1.64, $1.63, $1.62

EURAUD Long-term Trend: Bullish (Daily Chart)

Despite sellers’ interference in the price flow, the daily market of the EURAUD pair remains in a bullish momentum.

The price has recently ignited a potential surge above the resistance level, indicating a bullish momentum.

The currency pair has maintained its strength above the resistance line due to the bulls’ strong momentum at the supply value of $1.78 in the previous session.

As the daily chart opens today, the bulls made a corrective move to a high of $1.79 above the EMA-50, indicating a bullish trend and suggesting a possible buy for the EURAUD long traders.

Thus, the buying pressure on the currency pair would increase if there is a clear high pressure and a break over $1.84 previous barrier.

Another factor that will attract additional buy traders to the market for a bullish continuation pattern is that the EURAUD market price is heading upward on the daily stochastic.

If that happens, the pair price may rise, reaching a high of $1.98, which would strengthen the positive trend on the long run.

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

The currency pair remains in a bullish trend as the northward journey continues in its medium-term perspective.
The EURAUD price is moving towards the upper resistance above the converging trend lines, denoting a bullish trend and a rise in volatility.

The currency pair value is above the supply levels at its most recent high as a result of the bulls’ rising advance towards the $1.78 barrier in the previous action.

Today, the EURAUD pair looks attractive for buyers, correcting at the $1.79 supply value above the moving average to resume the 4-hourly chart, encouraging buyers to invest, as possible future gains are certain.

Hence, a potential breakthrough above the current high level could bolster the bullish momentum and target a $1.84 resistance before a range breakout.

Furthermore, the daily stochastic moving upward suggests that the EURAUD price may continue to rise and remain in a buy trade setup.

Given this, the currency pair  market value may soon reach the upper resistance trend point of $1.98 in the medium-term forecast.

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