EURAUD: Shows Stability above the Resistance Level at $1.72

The EURAUD price shows stability above the resistance level.
Buy traders are taking the lead in the market.

EURAUD Weekly Price Analysis – March 23

The EURAUD pair shows stability above the resistance levels and anticipates more growth as the Yen price approaches the upper resistance area. The pair may continue rising if the current support at $1.71 holds and the daily chart closes above the $1.74 resistance level. If this happens, there’s a good chance the price will rise to $1.80 upper resistance level, resulting in an intraday gain and a potential buy signal for the long holders.

EURAUD Market
Key Levels:
Resistance levels: $1.70, $1.71, $1.72
Support levels: $1.58, $1.57, $1.56

EURAUD Long-term Trend: Bullish (Daily Chart)

The EURAUD pair presents and shows stability above the resistance level on the higher time frame and remains distinctly bullish.
The bulls anticipate more growth, and this is obvious as prices are trading close to the upper resistance area above the EMA-50, indicating an uptrend.

The bullish reversal at the $1.71 high value in the previous action has sustained the currency pair above the trend line in its recent high.

As a result of price rejection in the previous action, buyers have been able to push the price of EURAUD higher to a $1.72 level above the moving average line as the daily session opens today. More gains are possible if the bulls can put extra effort into the price action.

Thus, closing the daily session above the $1.74 peak supply barrier will put the trade more on the buying side.

Notably, the upward-pointing momentum indicator indicates that the bullish trend may continue and the $1.80 upper resistance value might be reached soon in its long-term outlook.

EURAUD Medium-term Trend: Bullish (4H)

The currency pair is currently trending up and shows stability above the resistance level close to the upper resistance in its medium-term outlook.
Furthermore, the EURAUD pair is trading close to the upper resistance levels above the 50-day moving average, indicating an uptrend.

The increase in the momentum by the bulls at the $1.71 supply value in the last few hours has enabled the pair price to stay above the resistance lines in its recent price level.

As the 4-hour chart resumes today, the EURAUD price shows stability above the supply level at $1.72, giving the pair a high tendency to rise further. However, the buy traders could not relent, as they aim to continue trending up and drag the Yen price to a significant level.

In addition, the daily stochastic signals uptrend. If the bulls could push harder and sustain the EURAUD price above the $1.74 previous high, the resulting rally may surpass the $1.76 level and hit the $1.80 psychological level at the upside in the days ahead in its medium-term perspective.

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