EURNZD: Price Anticipates More Growth

The EURNZD price anticipates more growth as the new correction begins.
Buy traders might take the leading in the market soon.

EURNZD Weekly Price Analysis – February 7

EURNZD price anticipates more growth as the Yen currently faces increased buying pressure. Meanwhile, the pair might improve further if the bulls add more aggression to the buying momentum. As a result, the target may be the $200.00 upper resistance level, signaling a buy potential for the bulls.

EURNZD Market
Key Levels:
Resistance levels: $1.83, $1.84, $1.85
Support levels: $1.73, $1.72, $1.71

EURNZD Long-term Trend: Bullish (Daily Chart)

The momentum on the long-term time frame is distinctly bullish as the bulls anticipate more growth. Nevertheless, it seems the bulls will take over the price of EURNZD soon and push us higher as the market remains in an uptrend despite the moves from the sell traders.
The EURNZD bulls anticipate more growth as the Yen price surges to a $1.83 resistance point above the EMA-50, with bulls seemingly regaining momentum to influence the price tendency.

Hence, if the bullish correction phase persists, the new correction may drive the EURNZD price to retest the $1.86 previous barrier, indicating a growing buy pressure.

However, the bulls also anticipate more growth, as suggested by the daily signal pointing upwards. In light of this, the buy traders may continue the bullish correction, and the target might be the $200.00 upper supply mark in the days ahead as the pair anticipates more growth in its higher time frame.

EURNZD Medium-term Trend: Bearish (4H)

The EURNZD pair has just resumed its bullish run, anticipating more growth as it trends and corrects below the supply levels. The price action is below the moving averages, suggesting a bearish trend.
Sellers’ increased momentum to the $1.82 support level in the last few hours has dropped the currency pair below the resistance levels in its recent correction.

Today, the EURNZD buyers took the journey up north at the $1.83 high mark below the EMA-50, as it continues correcting shortly after the commencement of the 4-hourly chart, anticipating more growth.

The pair is witnessing a post-retest rally; if an increase in the price surge occurs, the Yen price might grow more to hit the $1.85 previous high level, footing the Yen market to increase more.

Additionally, the EURNZD pair anticipates more growth, as suggested by the daily signal pointing up. As a result, if a renewed surge in buyers’ interest occurs, the pair price action may surge to a $200.00 upper high mark in the days ahead as the pair anticipates more growth in its medium-term outlook.

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