EURAUD → Breakout and consolidation above key support

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EURAUD is trying to consolidate above the key support zone of 1.76 - 1.77. Within the uptrend, bulls have a fairly good chance.



The market continues to break of structure, confirming the bullish sentiment on the chart. A correction is forming from 1.7882. Before rising, the price may test support. The currency pair is supported by its own bullish trend and the falling dollar (especially against the backdrop of economic problems with the USD (DXY)).
Technically, the currency pair looks quite positive. After the formation of another ‘bos’, we are seeing a correction to the Fibonacci zone of 0.7 and support at 1.7696. If, during the retest, the bulls manage to hold their ground above the key support level, growth may continue in the medium term.

Support levels: 1.7696, 1.7629, 1.7463
Resistance levels: 1.7882, 1.7988

Locally, a reversal pattern is forming relative to the specified zone (as part of a correction). We need to wait for confirmation (price consolidation above the level). The potential within the bullish trend is quite large, and in the medium and long term, the price may test 1.85.

Best regards, R. Linda!

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