EURAUD: Price Remains in a Bullish Trend

The currency pair remains in an upside move.
The bulls are still dominating the market at the moment.

EURAUD Weekly Price Analysis – January 12

 

The EURAUD pair is facing high buying pressure and remains in a bullish trend. If the buy traders prove stronger and the price shows sustainability above the $1.71 previous high value, its upside moves could extend further to reach a $1.80 high level, suggesting a good entry point for long traders.

EURAUD Market
Key Levels:
Resistance levels: $1.65, $1.66, $1.67
Support levels: $1.59, $1.58, $1.57

EURAUD Long-term Trend: Bullish (Daily Chart)

Despite sellers’ action in the price flow, the daily chart market of EURAUD remains in a bullish trend. Price is trading above the supply channel again, confirming the presence of a bullish impact on the currency pair.
The sustained bullish pressure on the currency pair at the $1.65 supply level in the last session has made it easier for the Yen to remain firm in a bullish trend in its recent price level.

The momentum continues as the bulls made a corrective move to a high at $1.66 above the EMA-50 as the daily chart opens today, indicating a bullish trend and signaling a potential buy for the EURAUD long traders.

Meanwhile, if the Yen price breaks out of this pattern, EURAUD could surge much higher than its all-time high of $1.71, as potential future gains are guaranteed.

Hence, fresh entries by the buy investors toward the higher side are likely, as indicated by the momentum indicator pointing in an upward direction. The bulls could aim at the psychological level of $1.80 resistance value in the days ahead as the currency pair remains in a bullish trend in its long-term perspective.

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

The currency pair remains in a bullish trend as the journey up north continues in its medium-term perspective. Buyers are confident about gaining higher levels, confirming their high impact in the market at present. The EURAUD price is above the resistance trend lines, indicating a bullish momentum.
Despite the moves from the short traders, the bulls pushed the EURAUD price to the $1.65 supply level in the previous session and have sustained its upward momentum in its recent high.

Today, the EURAUD price remains in a bullish trend as the bulls made an upward move to a $1.66 high value above the supply trend levels as the 4-hourly chart opens. The pair looks promising as the bulls remain dominant in the market at the moment.

If the bulls should increase their price action and bullish momentum is sustained far above the $1.68 resistance trend lines, further bearish sentiment will be held.

Additionally, the daily stochastic is up. Hence, if the buy traders could break above the $1.68 previous high level, the market participants may witness a new recovery rally, and this may reach the $1.80 high mark in the days ahead in its medium-term time frame, signaling a buy trade again as it remains in a bullish trend in its medium-term perspective.

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