EURAUD: Price Projecting an Uptrend

The currency pair anticipates rising.
The bulls may take the leading soon.

EURAUD Weekly Price Analysis – February 1

Today, the EURAUD pair is projecting an uptrend as it rebounded at a $1.70 daily candle and faces the resistance level, making a recovery attempt and reflecting renewed confidence among buyers. The currency pair is preparing for the next uptrend after updating the lows. Hence, if the bulls regroup and push higher, a further bullish breakout from the current supply to the previous peak barrier of $1.81 will accelerate the new bullish correction phase. Thus, the $1.85 upper resistance level might be the target, resulting in a greater opportunity to buy the currency pair.

EURAUD Market
Key Levels:
Resistance levels: $1.80, $1.81, $1.82
Support levels:    $1.69, $1.68, $1.67

EURAUD Long-term Trend: Bearish (Daily Chart)

From a long-term perspective, the EURAUD pair is projected to exhibit an uptrend after completing its downturn. The pair is ready for the next bull trend and suggests a potential breakout.
The price has fallen below the supply trend lines due to the bears’ pressure, reaching a low of $1.69 in the last few days.

However, it now appears that the bulls are ready for the next bull trend and are driving the pair price upward.

As it recovered from the aforementioned support to a $1.70 supply value below the EMA-50 on the daily chart today, the price of EURAUD projected an uptrend, indicating that the pair is prepared for the next bull trend.

Therefore, if the bulls can increase the pressure on their buying forces, a real breakout that attempts the previous high level of $1.81 is possible.

Notably, the daily stochastic predicts an uptrend, suggesting the bullish pattern may continue.

In light of this, if the bulls prove harder and increase their buying pressure, the EURAUD price may rise to an upper resistance level of $1.85, indicating a solid supply zone for a possible buy in its higher time frame.

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

The medium-term outlook appears bearish. The EURAUD price is currently trending upwards close to the EMA-50. So, it seems that the bulls are about to take the lead and push higher.
After the 4-hourly chart opened, the currency pair pulled back to the $1.70 resistance, remaining below the moving average. This suggests the bulls are attempting a recovery.

A close above the previous high of $1.75 could confirm sustained upward momentum.

Additionally, the EURAUD market is up on the daily stochastic, projecting an uptrend and potential recovery. Buyers may push the price to $1.81, the upper range, in the medium term.

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