EURNZD: Bulls Are Dominating

The EURNZD pair looks promising for buyers.
The bulls remain on top of the range.

EURNZD Weekly Price Analysis – August 15

Today, the EURNZD bulls are dominating as the price continues to swing higher and looks promising, with buying pressure mounting. With a strong bullish trend, the pair is gaining momentum, indicating high market optimism and the potential for significant gains. If the Yen breaks through the $1.98 previous barrier level and the daily candle closes above the indicated resistance, it may continue to advance. A breakout of this kind would give buyers back control and possibly push the price up toward the higher resistance level of $2.00, giving long traders a great chance to enter the market.

EURNZD Market
Key Levels:
Resistance levels: $1.96, $1.97, $1.98
Support levels: $1.88, $1.87, $1.86

EURNZD Long-term Trend: Bullish (Daily Chart)

The EURNZD continues to rise towards the upper channel despite short traders’ movements as the bulls remain dominant in a long-term perspective. The price bar indicates a bullish trend because it stays above the moving average.

The pair was able to maintain its upward move at its most recent high as a result of the bulls’ pressure, bringing it to a high level of $1.95 in the previous session.

The bears lost momentum, as the daily chart opens today with the formation of a bullish candle
at $1.96 resistance level as buyers continue to dictates the market at the moment.

If the bulls are able to expand their buying efforts, a potential breakout from the mentioned supply level stated will offer and sustain the ongoing recovery, achieving the previous barrier point of $1.98.

Likewise, an uptrend was indicated by the momentum indicator. In this scenario, the price of EURNZD may approach the $2.00 resistance in the upcoming days from a higher time viewpoint, as buyers anticipate sticking with the trend.

EURNZD Medium-term Trend: Bullish (4H)

In the medium-term outlook, the EURNZD pair is in an upward move, suggesting a bullish trajectory.
The high momentum by the bulls at the $1.95 supply in the last session has enabled the currency pair price to stay strong above the resistance line.

The price action rises significantly to $1.96 resistance level as the 4-hourly chart opens today, implying that buyers are gaining more strength in the market.

Buyers will have a solid basis to push the EURNZD price higher with a 4-hour candle closing and an upward breakout above the $1.96 barrier, offering a great entry opportunity.

Notably, the daily stochastic pointing upward indicates that the bulls may continue trending in an ascending channel. Therefore, if buyers should increase their market tension and the prices break above the $1.98 resistance trend line.

A bullish trend continuation to the overhead resistance of $2.00 is possible in the coming days from a medium-term perspective.

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