EURNZD: Bullish Action May Continue

The currency pair may soon remain stable at the upside.
The bulls will take the lead sooner on both outlooks.

EURNZD Weekly Price Analysis – October 31

EURNZD bullish action may continue as buyers anticipate further growth, with the price continuing to ascend towards the upper channel, driven by a bullish sentiment. Amidst the market slump, the bullish run may rise further as the market price progresses towards the crucial resistance. Hence, if the buy traders are able to significantly raise their pressure and all the support holds, the daily candle may break above the $2.04 prior high mark, setting the potential for a climb to the $2.10 upper supply level and beyond, suggesting a strong buy signal for long traders.

EURNZD Market
Key Levels:
Resistance levels: $2.01, $2.02, $2.03
Support levels:    $1.88, $1.87, $1.86

EURNZD Long-term Trend: Bullish (Daily Chart)

The EURNZD pair is bullish. The chart below indicates that the bullish run may continue and even target a critical level as it trades above the supply levels, indicating a bullish trend in its long-term outlook.
The daily chart for today begins on a bullish note at the supply level of $2.01 above the moving averages, suggesting that the bullish run may continue, as buy traders are in control of the market price of EURNZD.

Therefore, the prospective rally may rise higher to reach a considerable level on the upper side if the price of the EURNZD pair could hold above the high level of $2.04.

The stochastic oscillator pointing up at the oversold region suggests the overall outlook shows upward momentum and may increase further to a $2.10 upper resistance level in the days ahead, offering a good entry point for long traders in the higher time forecast.

EURNZD Medium-term Trend: Bearish (4H)

The EURNZD bullish action may continue as the pair experiences gradual growth in its medium-term due to increased buying volume. The price is below the supply levels, suggesting a bearish trend.
The sustained bearish pressure at a $2.00 support in the last action has contributed to the price trading below the supply trend levels in its recent correction.

As the daily session begins today, the bulls drove the EURNZD market value to rise to a high of $2.01 below the EMA-50, indicating a potential pullback attempt at the prior barrier level of $2.04.

Such a move signals that the bullish run may surge as buyers return to the market to perform a play. As a result, buyers are more equipped to sustain their upward trajectory.

Notably, the stochastic oscillator signals an uptrend at around the 45%, suggesting the bullish rally may increase further and set the stage for a potential climb to the $2.10 upper resistance level before the bears take over.

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