EURNZD: Bullish Run May Increase

The EURNZD price surge may increase Further.
Buyers will invade the market soon.

EURNZD Weekly Price Analysis – August 1

The EURNZD bullish run may skyrocket as the new correction begins at the overhead region, signaling potential for further gains. In the meantime, if the bulls can accelerate the purchasing momentum, the pair may rise even higher above the $1.98 peak barrier. If this is accomplished, the target may be the $2.00 upper resistance level, indicating a strong entry point for long traders.

EURNZD Market
Key Levels:
Resistance levels: $1.91, $1.92, $1.93
Support levels:    $1.81, $1.80, $1.79

EURNZD Long-term Trend: Bullish (Daily)

The bullish run on the long-term time frame may increase as the pair experiences gradual growth due to commitment from the long traders. The price is above the supply levels, suggesting a bullish trend.
Buyers’ increased momentum at the $1.95 supply level in the last few days has sustained the Yen price above the resistance levels in its recent high.

Today, after completing yesterday’s lows at $1.92, the EURNZD bullish run surged to a $1.93 value above the moving averages as the daily session opens, suggesting the price surge will increase further and may attempt the $1.98 previous barrier level.

With buyers returning to the Yen market to stage a play, such a move implies that the bullish run may surge further, providing the bulls with further power to continue the upward advance.

Notably, the stochastic oscillator signals an uptrend at around 22%; the bullish run may increase further. Hence, the bullish correction phase may extend to meet the resistance at the $2.00 upper trend line, reflecting promising growth.

EURNZD Medium-term Trend: Bearish (4H)

The EURNZD price is bearish on the medium-term chart. Meanwhile, the bullish run may rise soon as it continues to trend and correct below the supply levels. The price action is below the moving averages, suggesting a downward trend.
The Yen price has remained below the resistance levels at its recent high due to sellers’ increased impetus to the $1.92 support level in recent days.

Shortly after the 4-hourly chart started, the EURNZD buyers headed north at the $1.93 high, below the EMA-50, as it continues to correct, expecting a rise soon.

Therefore, the fresh swing may push the price to retest the prior barrier of $1.96, signaling increasing purchase pressure, if the bullish corrective phase continues.

Additionally, the bulls anticipate a rise soon, as suggested by the daily signal pointing upwards. In light of this, the buy traders may continue the bullish run, and the target might be the $2.00 upper supply mark in the days ahead.

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