EURAUD: Sellers Will Invade Sooner

The EURAUD pair remains in a bullish market zone.
Sellers will invade soon.

EURAUD Weekly Price Analysis – June 15

The EURAUD sellers will invade sooner as the bears resume the bearish pressure. The pair is in an uptrend and it is likely to slide and face the downside as the market shows an overbought position on the daily chart. Therefore, if the bears could add an aggressive force to their actions, the Yen price may slide to a $1.63 previous support value and further drop to the $59.00 lower support level as the bears aim to drag the market price down at the moment.

EURAUD Market
Key Levels:
Resistance levels: $1.84, $1.85, $1.86
Support levels: $1.72, $1.71, $1.70

EURAUD Long-term Trend: Bullish (Daily Chart)

The market value of EURAUD on a higher time frame is seen above the moving averages. Meanwhile, sellers will invade as the market seems to be overbought.
The high bullish impact on the pair at the $1.78 high level in the previous action has contributed to its bullishness in its recent high.

Today, the momentum remains bullish with a pin bar bullish candle at the $1.78 supply value above the EMA-50 as the daily chart resumes, implying a change in trend soon. Hence, the bears are dominating soon as we can see the market in the overbought region.

Therefore, a strong breakdown below the $1.63 prior support level would strengthen the bearish pressure.

In addition, the price action of EURAUD pointing down around 67% in the overbought region of the daily stochastic, suggests that sellers will invade the Yen market sooner.

In light of this, the Yen price may turn down from the $1.78 high, drop below the $1.63 support mark, and towards the $1.59 lower support trend level in the days to come in its long-term outlook.

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

On the 4-hour chart, the pair is in an upward move. The EURAUD sellers are dominating soon as we can see the bears’ influence on the pair.
The sustained bullish pressure on the pair at the $1.78 high level during the last session has enabled the price action to remain above the supply levels in recent times.

The price action of EURAUD drops significantly to the $1.77 support level above the moving average as the 4-hourly chart opens today, suggesting that sellers will invade the market soon.

Hence, should the selling pressure persist, and the bears close the 4-hourly chart below the $1.72 previous lowest mark, the ongoing dips could lead the market price of EURAUD to remain stable at the downside and hold any further bullish moves.

Notably, the daily stochastic pointing down around 60% indicates that the bears will dominate soon.

As a result, the next bearish correction phase could reach a low at the $1.59 lower support mark in the days ahead as we watch the EURAUD sellers invading its medium-term outlook.

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