EURNZD: Price Ascending to the $1.90 Upper Resistance Level

The EURNZD price is ascending to the $1.90 upper supply levels.
Buy traders might continue to take the leading in the market.

EURNZD Weekly Price Analysis – January 31

The EURNZD pair is facing an increase in buying pressure and ascending to the upper resistance level, as the broader market remains volatile with bullish trends dominating. The Yen could continue to rise upward if it breaks up the $1.86 resistance value and the daily candle closes above the mentioned resistance. The $1.90 upper supply level might be the target, indicating a strong buy signal for the long traders.

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 EURNZD price is ascending to the upper channel despite the interference from the short traders in its higher time frame due to increased buying volume. The price bar is above the moving average, making it capable of rising further.

The Yen has been making higher highs and higher lows in the previous action, as it keeps ascending to the upper level in its recent high.

The market value of EURNZD spikes up, ascending to the upper resistance at the $1.84 level above the EMA-50 as the daily session begins today, indicating an uptrend in the momentum of the Yen price as it journeys up north.

A possible breakout from the mentioned supply level will provide a higher float for buyers and prolong the ongoing recovery to reach the $1.86 previous barrier level, charging the bulls more strength to continue the upward move.

Hence, the EURNZD price suggests an uptrend by pointing upwards. As a result, the Yen price will remain in an ascending channel, and a $1.90 high level might be the target in the days ahead in its higher time frame.

EURNZD Medium-term Trend: Bullish (4H Chart)

The EURNZD pair is ascending, and the corrective movements are trending, as shown in the medium-term chart.

Despite the moves from the short traders, the bulls pushed the price of the Yen up to the $1.83 supply level during the previous session and sustained its upward momentum in its recent high.

The EURAUD price is in an ascending channel as the bulls caused a rise again in the Yen price to the $1.84 resistance value above the moving averages as the 4-hourly chart opens today, indicating more active buy traders in the price flow, providing buyers with a solid entry point.

It’s worth noting that the upward trajectory could face another barrier near the next resistance level at $1.85. Thus, a breakout above this level could propel the Yen price higher by 20%.

However, the EURNZD pair may continue ascending, with the daily stochastic pointing upwards.

Therefore, if the buyers should intensify their tension in the market and the prices break above the $1.85 resistance trend line, a bullish trend continuation to the overhead resistance of $1.90 is possible soon in the medium-term perspective..

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