EURNZD: Looks Promising at the $1.99 Resistance Value

The EURNZD bulls are gaining strength above the resistance line.
The currency pair remains bullish in both outlooks.

EURNZD Weekly Price Analysis – September 19

Today, the EURNZD bulls are gaining strength and look promising at the current price level of $1.99, which is above the supply trend line, facing high demand from buyers. There is a possibility that the pair could swing higher and test the $2.00 supply level if the bullish correction persists. Thus, a sharp breakout and closure above the current correction phase will invalidate any bearish thesis, and then there is a high probability of the price going up to a new all-time high at $2.00 to wade off the bearish shackles and focus on the ultimate breakout to the $2.05 upper resistance level and beyond, signaling a buy trade for interested traders.

EURNZD Market
Key Levels:
Resistance levels: $1.98, $1.99, $2.00
Support levels:    $1.88, $1.87, $1.86

EURNZD Long-term Trend: Bullish (Daily)

The EURNZD pair looks promising, indicating an upward trend with a bullish sentiment in its long-term perspective. The pair is currently trading above the supply levels, confirming its bullishness at the recent high.
The sustained bullish pressure on the currency pair in the last few days has pushed the price above the supply trend levels lately.

At the time of writing this article, the bulls’ action increases the price of EURNZD to the $1.99 resistance level above the EMA-50, even as the daily session opens today.

This, however, indicates an uptrend in the momentum of the currency pair and looks promising to long traders.

Thus, a break above the current level would intensify the buying pressure on the pair, suggesting the bulls are gaining strength as it surges.

Similarly, the momentum indicator signals an upward trend. It is anticipated that buyers will follow the trend, and from a long-term viewpoint, the EURNZD price may soon approach the $2.05 resistance level.

EURNZD Medium-term Trend: Bullish (4H)

The EURNZD pair is rising and has a bright medium-term future. The pair has broken above the moving averages, which suggests it may be about to increase.
Currently, the pair is above $1.98. Its recent bullishness has been influenced by the bulls’ pressure at the $1.97 supply value during yesterday’s session.

The EURNZD market price is rising. It is currently trading above the moving averages at the $1.99 resistance level. This indicates that the bulls are in charge of the market.

From a medium-term perspective, the EURNZD appears promising. The uptrend is currently encountering resistance at the current price level.

If further selling power is not allowed, the price may soon reach the previous high of $2.00. This could expose it to the upper resistance level of $2.05.

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