EURNZD: Good to Buy at $1.94 Resistance Value

The EURNZD pair suggests a good buy trade.
The bulls remain on top of the range.

EURNZD Weekly Price Analysis – July 4

The EURNZD pair remains good to buy as buying pressure mounts. The pair is gaining traction towards the upper channel with a robust bullish trend, signaling strong market optimism and potential for significant gains. Meanwhile, if the Yen price can swing up to test the peak supply level of $1.98, the accelerated buying momentum may reach the targeted price level at $2.00, suggesting a good entry point for long traders.

EURNZD Market
Key Levels:
Resistance levels: $1.91, $1.92, $1.93
Support levels: $1.73, $1.72, $1.71

EURNZD Long-term Trend: Bullish (Daily Chart)

The EURNZD pair indicates a good-to-buy trade with a bullish sentiment in its long-term perspective.
The price action depicts a beautiful bullish continuation pattern that promises a 15% breakout if market conditions remain favorable. The pair is trading above the supply levels, confirming its bullishness at the recent high.

The sustained bullish pressure on the currency pair at the $1.93 supply mark in the last action has sustained the Yen price above the supply trend levels.

The bulls’ action accelerates the price of EURNZD to the $1.94 resistance level above the EMA-50 even as the daily session opens today, indicating an uptrend and looking promising to long traders.

Thus, if the Yen’s price could sustain above the $1.98 high level, the potential rally could surge higher to hit a key resistance value in the overhead region.

Similarly, the momentum indicator also signaled an uptrend. Buyers are expected to continue with the trend.

In this case, the price of EURNZD could reach the $2.00 upper resistance value in the coming days in its higher time forecast.

EURNZD Medium-term Trend: Bullish (4H)

On the medium-term outlook, the EURNZD pair remains in an uptrend, resulting in a 2.50% increase in the market value.

The prices are above the moving averages and have confirmed a bullish momentum, breaking the previous high.

The bullish impact on Yen at the $1.93 high level in the last session has contributed to its buy trade set-up in its recent high.

Today, the market price of EURNZD indicates a good to-buy trade at a $1.94 resistance level above the moving averages, suggesting that the bulls are in control of the market.

Notably, the pair is up on the daily signal. Therefore, if additional selling power is prevented, the price of EURNZD may surge to an ATH of $2.00 in its medium-term forecast.

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