EURNZD: Bulls Are Gaining Strength

The EURNZD bulls are gaining strength and the price could go higher.
The currency pair remains bullish in both outlooks.

EURNZD Weekly Price Analysis – June 20

Today, the EURNZD bulls are gaining strength as the pair experiences a resurgence in its bullish trend above the supply trend line, facing high demand from buyers. From the look of things, the currency pair may continue its bullish movement if buyers increase their activities. If the bulls’ pressure breaks up the resistance level of $1.98, the Yen price may increase further to a $2.00 upper high trend line, signaling a buy trade for interested traders.

EURNZD Market
Key Levels:
Resistance levels: $1.90, $1.91, $1.92
Support levels: $1.82, $1.81, $1.80

EURNZD Long-term Trend: Bullish (Daily)

The EURNZD bulls continue to gain strength as the price holds a recovery opportunity and remains steady above the resistance levels in its long-term outlook. The price is above the supply levels, suggesting a bullish trend.
However, the previous action at the $1.90 high level in the last session has enabled the Yen price to remain above the trend line in its recent price level.

EURNZD is losing bearish momentum as it rises and trades strongly above the EMA-50 at a $1.92 high level on the daily chart today, suggesting the bulls are gaining strength as it surges.

Meanwhile, if the Yen’s price could sustain above the $1.98 prior high level, the potential rally might surge to hit the $2.00 upper high level and beyond, offering a good entry point for buyers.

Hence, the EURNZD pair is showing more upside, indicated by the momentum indicator pointing up.

As a result, more gains and strength from the pair are expected, leading the currency pair price to a $2.00 upper resistance level in the days ahead as the bulls continue to gain strength in its higher time frame.

EURNZD Medium-term Trend: Bullish (4H)

The EURNZD pair remains bullish and trades strongly above the supply trend levels in the medium-term time frames. The price bar is above the EMA-50, indicating an uptrend.
The sustained bullish pressure at the $1.90 level in the last session has enabled the pair to retain strength lately.

The EURNZD price rises to a $1.92 supply level above the EMA-50 after the recent threat of increasing.

Hence, staying above the supply levels indicates the pair could go higher and a strong possibility for a bullish correction. Thus, a strong breakup above the $1.98 resistance point would strengthen the bullish pressure.

Furthermore, the momentum indicator is up, suggesting that the EURNZD bulls may continue to gain strength and the Yen price could go higher.

In this case, the Yen price may reach the $2.00 supply trend line as it turns positive and goes higher in its medium-term perspective.

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