EURNZD: Bullish Action May Resume Soon

The currency pair may change direction positively.
Buyers may invade the EURNZD market soon.

EURNZD Weekly Price Analysis – November 28

EURNZD price anticipates jumps. The bullish action may resume sooner as the market is already oversold, and the price pair could experience a price surge. The bulls may drive the pair price above the current supply of $2.02 if renewed strength occurs within the bullish territory and the current support level remains unmoved. Then, the price action may rise to the $2.06 upper resistance level, suggesting a buying signal for long traders.

EURNZD Market
Key Levels:
Resistance levels:  $2.02, $2.03, $2.04
Support levels:     $1.88, $1.87, $1.86

EURNZD Long-term Trend: Bullish (Daily Chart)

The EURNZD remains in an uptrend despite the bears’ influence. The price is above the moving average, suggesting a bullish trend.
The sustained bullish pressure on the currency pair at $2.05 high mark in the last action has sustained the price above the supply trend levels in its recent low.

Nevertheless, the bulls will continue the bullish rally, and a break above the prior supply level is imminent.

As the daily chart begins today, bearish actions sent the EURNZD price lower, reaching the $2.02 support level above the EMA-50.

Hence, remaining above the moving average will allow the currency pair to rise higher, resulting in an intraday gain for the buyers.

Therefore, a positive breakout above the current level is required to confirm a possible Bull Run if buyers eventually wrestle trend control from sellers and recover from the $2.02 support.

Additionally, the stochastic oscillator pointing up at the oversold region suggests the overall outlook may turn positive soon.

As a result, the EURNZD price may surge to a $2.06 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 price bar is below the moving averages as it reverses and starts to increase in its medium-term outlook.
The momentum on the medium-term outlook appears bearish, but it is beginning to turn bullish, as shown by the chart.

The intervention from the sell traders at the $2.01 low value in the previous action has contributed to the bearishness in its recent correction.

Today, the EURNZD market takes a nice turn. The price is currently in a bearish trend at a $2.02 supply level below the EMA-50 on the 4-hourly chart.

Thus, if a renewed surge in buyers’ interest occurs, the currency pair’s value might surpass the $2.04 peak resistance level, signaling a resurgence of bullish activity, leading the pair towards the upper range.

Furthermore, the daily stochastic moving upward suggests more upside potential in the EURNZD market as it reverses and starts to increase.

Given this, the bullish action may increase and set the stage for a potential climb to the $2.06 upper resistance level before the bears take over.

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