The currency pair is bearish on both outlooks.
The bears are dominating the market.
EURAUD Weekly Price Analysis – February 15
The EURAUD pair remains bearish at the moment. However, the currency pair could see another trend reversal to the upside if long traders renew their buying strength and exchange hands from the bears at the current $1.67 support level. The pair price may increase from the daily resistance of $1.68 to retest the previous high of $1.80 and potentially reach the $1.82 upper resistance mark, establishing an uptrend and signaling a potential buy opportunity for interested traders.
EURAUD Market
Key Levels:
Resistance levels: $1.80, $1.81, $1.82
Support levels: $1.70, $1.69, $1.68
EURAUD Long-term Trend: Bearish (Daily Chart)
On the higher time frame, the EURAUD pair is gathering momentum to revive the bullish correction pattern. The price is down, below the EMA-50, suggesting a bearish market.
The price of EURAUD is accumulating bounces at a resistance level of $1.68 below the moving average on the daily charts today, indicating that buyers are attempting to control the price movements.
Consequently, a significant push by long traders from the present high, with a daily candle closing above the prior top barrier of $1.80, may improve the market structure.
In addition, the daily stochastic indicates an uptrend. Given this, the EURAUD price may continue its bullish trend to reach the $1.82 upper resistance in the days ahead as it continues the bullish rally in the long-term forecast.
EURAUD Medium-term Trend: Bearish (4H Chart)
On the medium-term chart, the EURAUD pair is showing a downward movement and could see another retracement for an uptick trend.
The bearish pressure to a $1.66 low in the last few hours has contributed to the pair’s recent bearishness.
However, the market is about to experience a trend reversal as the selling pressure approaches the oversold region.
Thus, if the buyers eventually wrestle trend control from sellers and rebound from the current support, a breakout above the trend line is needed to confirm the potential Bull Run.
Notably, the technical signal continues its downward move, suggesting a possible retracement ahead.
As a result, the EURAUD pair may be under buyer control, reaching an upper resistance mark of $1.74 in the medium-term forecast.
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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