EURNZD: Looks Promising at the $1.94 Resistance Value

The EURNZD looks promising at the $1.94 recent value.
The currency pair remains bullish and could go higher.

EURNZD Weekly Price Analysis – April 11

The EURNZD pair looks promising at the $1.94 current price level and could go higher as buyers remain dominant, aiming to rally towards the overhead as the price keeps its head above the resistance levels. Should the bulls increase their pressure, the resistance level of $1.94 may not hold and extend to a $1.98 prior peak high value, providing long traders with an excellent entry opportunity.

EURNZD Market
Key Levels:
Resistance levels: $1.92, $1.93, $1.94
Support levels: $1.77, $1.76, $1.75

EURNZD Long-term Trend: Bullish (Daily)

The EURNZD pair looks promising and indicates an upward trend with a bullish sentiment in its long-term perspective. 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 $1.98 supply level in the last few days has sustained the Yen price above the supply trend levels in its recent high.

The EURNZD pair looks promising after completing the lows at $1.93 and pulled back to a $1.94 resistance value above the EMA-50 even as the daily session opens today, indicating an uptrend in the Yen’s momentum.

Thus, a possible breakout from the current retracement at the $1.94 neckline will accelerate the buying momentum and push the prices to hit the $1.94 previous high as it experiences a remarkable surge.

Additionally, the momentum indicator also signaled up, indicating an uptrend.

Buyers are expected to continue with the trend, and in this case, the price of EURNZD might reach and surpass the $1.98 resistance value in its long-term perspective.

EURNZD Medium-term Trend: Bullish (4H)

Despite the interference by the short traders, the EURNZD pair on the medium-term outlook also looks promising and remains in an upward trend.

The pair has broken above the moving average, indicating a bullish structure and a possible rise of the currency pair.

The bulls’ pressure at the $1.93 supply value in the last session has contributed to its bullishness in the recent correction.

The market price of EURNZD looks promising, trading at the $1.94 resistance level above the moving average, implying that the bulls are in control of the market.

Hence, if the bulls increase their confidence in the EURNZD investment, the currency pair could see another uphill trend to revisit the $1.98 high as potential gains are guaranteed.

Additionally, the EURNZD pair looks promising while the uptrend is currently facing overhead resistance at a level of $1.94, therefore if additional selling power is prevented the Yen price may surge to hit the previous high of $1.98 and be exposed to the $1.99 upper resistance level in its medium-term perspective.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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