EURNZD: Bullish Run May Increase Further

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

EURNZD Weekly Price Analysis – May 2

Amidst the market slump, the EURNZD bullish run may increase further as the market price at the $1.91 high level is progressing towards the crucial resistance. If the buy traders could 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 for the long traders.

EURNZD Market
Key Levels:
Resistance levels: $1.83, $1.84, $1.85
Support levels: $1.73, $1.72, $1.71

EURNZD Long-term Trend: Bullish (Daily Chart)

The EURNZD pair is bullish. The chart below indicates that the bullish run may increase further and even targets a critical level as it trades above the supply levels, indicating a bullish trend in its long-term outlook.
Today’s daily chart opens on a bullish note at the $1.90 supply level and jumps to a high at the $1.91 resistance mark above the moving averages, implying that the bullish run may increase further as the buy traders are having the market price of EURNZD at their disposal.

Thus, if the Yen’s price sustains above the $1.98 high 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 long traders in the higher time frame.

EURNZD Medium-term Trend: Bearish (4H)

The EURNZD bullish run may increase further as the pair witnesses gradual growth in its medium-term 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 $1.91 below the moving averages as the 4-hourly session opens today, suggesting a pullback that may attempt the $2.00 previous barrier level.

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

The stochastic oscillator signals an uptrend at around 39%, suggesting the bullish run may increase further, setting the stage for a potential climb to the $2.00 upper resistance level before the bears take over in the medium-term forecast.
Thus, buyers must wait for the action before taking a position.

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