EURNZD: Bears May Lose Control

The EURNZD bears may lose control
The currency pair could increase despite a bearish threat.

EURNZD Weekly Price Analysis – April 18

EURNZD’s price anticipates an upside reversal at the $1.90 support level. The bears may lose control as the market selling pressure seems to be subsiding. Thus, a further increase in the bull’s pressure may break up at the $1.98 level, propelling the Yen price towards the $2.00 upper resistance level and suggesting a buy signal for the long traders.

EURNZD Market
Key Levels:
Resistance levels: $1.89, $1.90, $1.91
Support levels: $1.73, $1.72, $1.71

EURNZD Long-term Trend: Bullish (Daily Chart)

In the long term, the EURNZD bears may lose control as the market price action remains at the oversold region. The price bar is in red above the EMA-50, suggesting a bullish trend.
The sustained bullish pressure at the $1.92 high level in the last session has enabled the Yen price to maintain strength above the supply levels in its recent low. However, the bears may lose control as the market selling pressure will soon be exhausted.

Despite the interference by the bears, today’s daily chart at the $1.90 support level above the EMA-50 indicates that the EURNZD pair is in an uptrend.

It’s worth noting that the bears may lose control. The $1.90 current low value at the top range could experience a bullish reversal to another barrier above the resistance at the $1.98 peak supply value if the bulls could speed up their buying momentum; a surge above this level could propel the Yen trade higher by 20%.

Additionally, the stochastic oscillator signal is around 20% at the oversold region, suggesting that the EURNZD bears may lose control soon while the market bulls resume the buying pressure.

Hence, the buying pressure may commence, and this may lead the Yen price to the $2.00 upper resistance level in the days ahead in the medium term. Hence, buyers may wait for this action to commence before taking a position in the medium term.

EURNZD Medium-term Trend: Bearish (4H)

The EURNZD bears are about to lose control over the market as the selling pressure is ending in the medium-term view.
The Yen price remains below the supply levels, indicating a bearish trend and the high impact of sellers on the currency pair. Meanwhile, the bears may lose control sooner as the selling pressure seems subsiding.

Actions from the bears further dropped the coin price to the $1.90 support level below the EMA-50 as the 4-hourly chart resumes today, indicating a bearish trend.

Hence, the bears may lose control, and bullish momentum might be triggered if the bulls exchange hands with the bears at the $1.90 current support value.

The EURNZD price may turn up or increase to break up the $1.98 previous high value soon if the current support at $1.90 remains unmoved, and the bulls should speed up their activities.

In addition, the signal of the daily stochastic points up at the oversold region, indicating the bears may lose control and the selling pressure is unlikely. Thus, a bullish price reversal may occur within the range.

As a result, the $2.00 upper resistance level might be the target in the coming days in the medium-term forecast.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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