EURNZD: Appears Promising for the Bulls

The currency pair looks good for the bulls
The long-term and the medium-term are both in an upward momentum
Buyers may put in their aggressive orders at key areas

EURNZD Weekly Price Analysis – January 9

The EURNZD pair currently appears promising for the bulls as it approaches the upper range of the market. The pair is trading in an uptrend channel and has broken the resistance level. The pair suggests a favorable buying opportunity with the buy zone identified at the $2.03 level. However, if buyers increase their buying pressure and the price sustains above the current supply trend line, the price may trigger a move up to the overhead resistance mark at the $2.06 level, indicating a long position for buy traders.

EURNZD Market
Key Levels:
Resistance levels: $2.02, $2.03, $2.04
Support levels:    $1.94, $1.93, $1.92

EURNZD Long-term Trend: Bullish (Daily Chart)

The EURNZD long-term chart clearly shows that the currency pair is on an upward trend and appears favorable to the bulls in the long run.
The pair finished at the $2.02 supply level during yesterday’s session due to persistent positive pressure.

As a result, the price has been able to stay above supply levels and appears favorable to bulls at its most recent high.

The journey up north continues as the daily chart opens today with a bullish candle at the $2.03 high value above the EMA-50, suggesting a good buy opportunity for long traders.

As demand for the EURNZD platform continues to surge, an aggressive push from the current price will put the currency pair in a more bullish trend, reaching the prior peak barrier at $2.06, signaling a buy trade for interested traders.

Additionally, the stochastic oscillator signal pointing up at around the 48% indicates a possible rise of the pair in the days ahead.

In this case, a continuation of an upward trend to a $2.06 upper resistance level may be reached soon in its higher time frame.

EURNZD Medium-term Trend: Bullish (4H)

The momentum on the medium-term time frame is also distinctly bullish and looks attractive for the bulls. The EURNZD price is above the moving average, confirming the bullish trend.
The price has remained above the resistance lines and appears favorable to the bulls in recent times due to the bulls’ increased momentum in the previous session at the $2.02 supply value.

As the 4-hourly chart opens today, the market price of EURNZD, above the EMA-50 at the $2.03 supply level, confirms that there are more buyers in the market and appears favorable for bulls to purchase.

Hence, an upside breakout above the $2.04 prior high mark with a candle closing will offer buyers a solid foothold to push the currency pair price higher.

Additionally, the pair price may continue and remain a buy trade as we are seeing a strong turnout of buyers.

In light of this, the EURNZD price may reach the $2.06 upper resistance trend mark in its medium-term forecast.

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