EURAUD – Suggests a Sell Trade

The general market sentiment is sell trade.
Sellers may take their position as desired.

EURAUD Weekly Price Analysis – December 7

The EURAUD pair suggests a selling trade as the bears dominate the entire market. The price is at the lower range may continue with the dumps if the sell traders renew their selling strength and the potential selling value price drops below the $1.72 mark. As a result, the next price target by the bears could reach as low as $1.69 lower support value, signaling a potential sell signal for interested traders.

EURAUD Market
Key Levels:
Resistance levels: $1.83, $1.84, $1.85
Support levels:    $1.72, $1.71, $1.70

EURAUD Long-term Trend: Bearish (Daily Chart)

The EURAUD market shows a bearish flag as the pair surges towards the lower support 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 $1.76 support level in the last session has allowed the price to drop further since then.

The EURAUD downward movement continues today, reaching a low at $1.75 below the EMA-50, indicating a strong bearish impact.

Thus, a possible breakdown from the current low may accelerate the selling momentum and push prices to hit the $1.72 previous 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.

Therefore, sellers may push the price of EURAUD further to a $1.69 lower support level in the higher time forecast.

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

In the medium term, the EURAUD pair is bearish. The price bars are below the moving averages and have confirmed a bearish momentum.
The bearish impact on the pair at the $1.76 low level in the last action has contributed to its sell trade setup in its recent drop.

Shortly after the start of the 4-hourly chart continues today, the price of EURAUD displays a bearish flag at the $1.75 support level below the resistance trend line.

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

Notably, the daily stochastic pointing down indicates that there is more potential for the EURAUD pair to decline.

As a result, the bears might keep controlling the market, pushing the price to a lower support level of $1.68 in the next days.

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