EURAUD: Trades Strongly above the $1.69 Supply Mark

The EURAUD price remains in an uptrend and trades strongly above the supply level.
Buyers may take their positions at the desired level.

EURAUD Weekly Price Analysis – March 7

Due to high buying pressure, the EURAUD market trades strongly above the $1.69 supply mark, offering a suitable entry for long traders. Following the recent correction, the buy traders may see immediate gains if this push continues and closes above the $1.70 current price. The next price target to watch out for could be the $1.75 upper resistance level, resulting in an intraday gain for long traders.

EURAUD Market
Key Levels:
Resistance levels: $1.65, $1.66, $1.67
Support levels: $1.59, $1.58, $1.57

EURAUD Long-term Trend: Bullish (Daily Chart)

EURAUD remains bullish and trades strongly above the supply levels in the higher time frames. The prices are trading very close to the upper resistance area above the moving average, indicating an uptrend.
However, the previous action at the $1.68 high level in the last trading session has sustained the Yen price to remain above the trend line in its recent price level.

EURAUD is losing bearish momentum as it rises and remains strong above the moving average at the $1.70 high level as the daily chart begins today, signaling a potential buy signal for interested traders.

Notably, the momentum indicator is pointing upward, indicating more upside potential. As a result, if the EURAUD makes an intense rally from its present price at the $1.70 supply value, buyers may see immediate gains, reaching the $1.75 upper resistance level as it trades firmly above the supply levels in its higher time forecast.

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

EURAUD pair turns positive today. The price also trades strongly above the supply levels in its medium-term outlook, signifying a buy signal.
The currency pair has been interfering with the long traders and has enabled the pair to retain its upward strength in its recent high.

The Yen price rises to a $1.70 supply level above the EMA-50 after the recent threat of increasing indicating a strong buying signal.

Hence, if the bulls increase their buying forces, the EURAUD price may remain stable at the upside, targeting the upper resistance zone.

Meanwhile, there is a possibility of a further increase in the price of EURAUD if the buy traders increase their price actions and all the current support level holds, a psychological key level at the $1.75 upper supply level might be reached as soon as it trades strongly above the resistance levels in its medium-term time frame.

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