EURNZD: Bullish Run May Increase

The EURNZD bullish run may increase Further.
Buy traders might take the leading in the market soon.

EURNZD Weekly Price Analysis – May 30

Amidst the market slump, the EURNZD bullish run may continue to increase further as the market price progresses towards the crucial resistance. If buy traders increase their pressure massively, and all the support holds, the daily candle may break up the $1.98, setting the potential for a climb to the $2.00 upper supply level and beyond, indicating a strong buy signal and a good entry point for 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: Bearish (Daily Chart)

The EURNZD bullish run may increase further as the pair experiences gradual growth in its higher time frame due to increased buying volume. The price is below the supply levels, suggesting a bearish trend.
The bulls caused an increase in the market value of EURNZD to a high of $1.89 below the moving averages as the daily session opens today, suggesting a pullback that may attempt the $1.98 barrier level.

Such a move suggests that the bullish run may increase as buyers return to the Yen market to stage a play, giving the bulls more strength to continue the journey up north.

The stochastic oscillator signals an uptrend at around 39%, suggesting the bullish run may increase further and set the stage for a potential climb to the $1.98 upper resistance level before the bears takes over in the long term.
Thus, buyers must wait for the action before taking a position.

EURNZD Medium-term Trend: Bearish (4H)

The EURNZD pair is bearish. The chart below indicates that the bullish run may increase further as it continues to trend below the supply level, indicating a bearish trend in its medium-term outlook.
Earlier today, after making a smooth ride up to a $1.89 high mark, interaction from sellers drove the Yen price to a low of $1.88 value below the moving averages.

Commitment from the bulls now retraced the price of EURNZD from the mentioned support to a $1.89 high mark.

Thus, if the Yen’s price could sustain above the $1.92 resistance level, the potential rally may increase further to hit a significant level at the upper side.

The signal of the stochastic oscillator pointing up suggests the overall outlook shows upward momentum and may increase further to a $2.00 upper resistance level in the days ahead, offering a good entry point for the long traders 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.