EURAUD – Signals a Sell Trade at $1.75 Support Value

The EURAUD market is bearish on both outlooks.
Sell traders may take their position as desired.

EURAUD Weekly Price Analysis – November 2

The EURAUD pair shows a bearish flag. The pair signals a sell trade at the current support level of $1.75 and could face further downward pressure as the bearish trend continues. The pair may continue with the dumps if the sell traders renew their selling strength and the potential selling value price drops below the $1.72 low mark. The price drops or rally could continue to the $1.68 lower support level and beyond, signaling a potential sell signal for interested traders.

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

EURAUD Long-term Trend: Bearish (Daily Chart)

The EURAUD market shows a bearish flag in its long-term outlook. The price is below the moving averages and remains on the verge of more downward forces.
The bearish pressure at the $1.76 support level in the last session has contributed to its bullishness, despite the recent low.

After reaching a high of $1.77 during yesterday’s session, the EURAUD price rebounded and dropped to $1.75 as the daily chart opens today, indicating a bearish impact and a sell trade.

Thus, a possible breakdown from the current low may accelerate the selling momentum and drop the pair price further to a $1.72 prior support, as it approaches the anticipated target at the lower support area.

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

As a result, sellers may push the price of EURAUD down to a $1.68 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 $1.76 low during the last action contributed to its recent sell trade setup.

The price of EURAUD at the $1.75 support level below the resistance trend line shortly after the commencement of the 4-hourly chart resumes today, signals a sell trade.

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

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

Given this, the bears may continue to dictate market conditions, driving the price to a $1.67 lower support mark in the days ahead, in the medium-term perspective.

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