EURAUD EYES A REBOUND - CAN THE BULLS HOLD THE SUPPORT?Symbol - EURAUD
Amid a broader global bullish trend, the EURAUD pair is currently undergoing a corrective phase, approaching the support zone of the established trading range. Market participants are observing efforts by buyers to defend the 1.7750 level.
The pair remains within a broad consolidation range. Price action near the lower boundary has exhibited signs of a false breakout and subsequent liquidity absorption, which could potentially trigger a rebound toward the midpoint of the range or even a move toward the upper resistance levels.
Sustained consolidation above the 1.7750 mark, coupled with the emergence of a local reversal pattern, may serve as a catalyst for renewed upward momentum. While the overarching trend remains bullish, the current move reflects a local correction. Fundamentally, conditions remain uncertain. However, the US Dollar Index continues to correct after a recent sharp decline.
Key Resistance Levels: 1.7855, 1.7987
Key Support Levels: 1.7750, 1.7695
Should bullish momentum prevail and price remain above the critical 1.7750 support - marking the lower boundary of the range, there is potential for a rebound targeting liquidity pools situated above resistance levels.
