EURAUD – Shows a Bearish Flag, Sell!

The price bar is below the supply level making it capable of dropping further.
Sell traders may take their position as desired.

EURAUD Weekly Price Analysis – May 18

The EURAUD pair shows a bearish flag and could see more downward forces as the bearish pressure has just begun. The pair may continue with the dumps if the sell traders renew their selling strength and the potential selling value price drops below the $1.60 low mark. The price drops or rally could continue to the $1.59 previous low barrier to hit the $1.57 lower support value and beyond, signaling a potential sell signal for interested traders.

EURAUD Market
Key Levels:
Resistance levels: $1.83, $1.84, $1.85
Support levels: $1.59, $1.58, $1.57

EURAUD Long-term Trend: Bearish (Daily Chart)

The EURAUD market shows a bearish flag as the pair prepares for a new bearish phase in its long-term outlook. The price is below the moving averages and remains on the verge of more downward forces.
The sustained bearish pressure on the $1.72 support level in the last few days has enabled the Yen price to stay below the supply levels in its recent low.

After reaching a high of yesterday at $1.75, EURAUD rebounded and dropped to a $1.74 low value below the EMA-50 as the daily chart opens today, indicating a high bearish impact and a bearish flag.

Thus, a possible breakdown from the current low at the $1.74 neckline will accelerate the selling momentum and push the prices to hit the $1.59 previous support, as it approaches the anticipated target at the lower support area.

Similarly, the underlying sentiment suggests downward trend continuation in the coming days as indicated by the daily stochastic.

Therefore, sellers may push the price of EURAUD further to a $1.57 lower support level in the higher time forecast.

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

In the medium term, prices of EURAUD are below the moving averages and have confirmed a bearish momentum.
The bearish impact on the pair at the $1.74 low level in the last action has contributed to its sell trade set-up in its recent drop.

The price of EURAUD at the $1.74 support level below the resistance trend line shortly after the commencement of the 4-hourly chart resumes today, shows a bearish flag.

The Yen price is nearing a crucial point at the support level. If the bears can push harder, the currency pair may drop further to hit the $1.72 previous support value, indicating possible continuation of the bearish trend.

Notably, the EURAUD pair is showing more downside possibility as indicated by the daily stochastic pointing down.

Due to this, the bears may continue to dictate the market conditions, driving the price to a $1.57 lower support mark in the days ahead in its medium-term perspective.

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