EURAUD – Suggests a Sell Trade

Both outlooks are bearish.
Sell traders may take their position as desired.

EURAUD Weekly Price Analysis – January 11

The EURAUD pair displays a bearish flag, indicating a potential sell trade. Meanwhile, the pair could face more downward pressure as the bearish sentiment remains intact. The pair may continue to drop if the sell traders renew their selling strength and the potential selling value price drops below the $1.75 low mark. As a result, the selling pressure may reach the lower support level of $1.72 and beyond, signaling a potential sell signal for interested traders.

EURAUD Market
Key Levels:
Resistance levels:   $1.81, $1.82, $1.83
Support levels:      $1.74, $1.73, $1.72

EURAUD Long-term Trend: Bearish (Daily Chart)

The EURAUD market shows a bearish sentiment as it continues the negative momentum in its long-term outlook. The price is below the moving averages, indicating a bearish trend.
After reaching a high of $1.74 during yesterday’s session, EURAUD rebounded and dropped to $1.73 below the EMA-50 as the daily chart opens today, indicating a bearish flag.

Thus, a possible breakdown from the current low will accelerate the selling momentum and push prices to hit the $1.71 previous support before a range surge as daily stochastic signals an uptrend, indicating a bullish turnaround is imminent.

Therefore, a $1.80 resistance value may be reached sooner on 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 $1.72 low level in the last action has contributed to its sell trade set-up in its recent drop.

The price of EURAUD at the $1.73 support level below the resistance trend line shortly after the commencement of the 4-hourly chart resumes today indicates a bearish momentum.

The currency pair 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.

In light of this, the bears may continue to dictate the market conditions, driving the price to a $1.70 lower support mark in the days ahead in its medium-term perspective.

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