The EURAUD currency pair is moving in a long-term upward trend. Looking at the W1 interval, the rate increased by 4 thousand pips from August 2022 to April 2025! However, recent weeks have brought a downward correction, which reached a key support. The zone in the 1.7170-1.7330 areas results from the lower limit of the 1:1 system and previous price reactions. According to the assumptions of classical technical analysis, a price rebound in this place indicates the possibility of an end to the correction and a return to the upward trend. On the other hand, if the price permanently fell below 1.7180, the discount could develop towards the EMA100 average – blue line on the chart.
EURAUD interval W1. Source: xStation5
Looking at the lower time interval – H4, we are observing an attempt to return to growth. A potential inverted head and shoulders structure has formed on the chart, which may suggest a trend change according to TA assumptions. Additionally, the price is above the EMA100 average, which should support market bulls. If this scenario is correct, a move towards resistance at 1.80 is not ruled out, where there is equality with the previous upward movement – green rectangles.
EURAUD interval H1. Source: xStation5
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