EURNZD: Bears May Lose Control

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 sustained bullish pressure on the currency pair in the last few days has sustained the Yen price above the supply trend levels in its recent high.

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 Yen price remains above the supply levels, indicating a bullish trend and the high impact of buyers on the currency pair. Meanwhile, the bears may lose control sooner as the selling pressure seems subsiding.

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.

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