The EURNZD bears may lose control.
The currency pair could increase despite a bearish threat.
EURNZD Weekly Price Analysis – July 11
The EURNZD bears may lose control. The pair may experience a change in trend to the upside as the bulls are more involved in the market activity. Thus, a further increase in bull pressure and sustained buyers’ enthusiasm may break up at the $1.98 level, propelling the Yen price towards the $2.00 upper resistance level, resulting in a good entry point for long traders.
EURNZD Market
Key Levels:
Resistance levels: $1.94, $1.95, $1.96
Support levels: $1.77, $1.76, $1.75
EURNZD Long-term Trend: Bullish (Daily Chart)
In the long term, the EURNZD bears may lose control as the currency pair remains in a bullish trend zone, due to the high impact of the bulls.
The price drop by the bears to a $1.94 support value above the moving average as the daily chart opens today is an indication of an uptrend in the context of the market strength.
Hence, should the bulls put additional efforts into their buying motives; the price of EURNZD could turn positive to retest the previous high of $1.98.
Furthermore, should the bulls change their orientation and exchange hands with the bears at the mentioned support level.
The EURNZD pair may give a bullish breakout to retest the $1.98 supply level, and expose the currency pair price to the $2.00 high mark in its long-term perspective.
EURNZD Medium-term Trend: Bullish (4H)
The EURNZD bears are about to lose control over the market as the selling pressure has subsided on the medium-term view. 
The market value of EURNZD rises above the EMA-50 at $1.94 level shortly after the commencement of the 4-hourly chart today, indicating that positive sentiment is returning to the market.
Thus, buyers need to increase their swaggers to move the market beyond the current price level.
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.
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.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
