EURNZD: Price Ascending Towards the $2.00 Upper Resistance Level

The currency pair remains in an upside move.
The bulls are still dominating the market at the moment.

EURNZD Weekly Price Analysis – May 16

EURNZD price anticipates an increase as it keeps ascending towards the $2.00 upper channel with a bullish sentiment. Meanwhile, the Yen could continue to rise upward if it breaks through the $1.98 previous resistance value and the daily candle closes above the mentioned resistance. Such a breakthrough would allow buyers to regain control and potentially drive the price towards the $2.00 upper resistance mark, providing long traders with an excellent entry opportunity.

EURNZD Market
Key Levels:
Resistance levels: $1.88, $1.89, $1.90
Support levels: $1.78, $1.77, $1.76

EURNZD Long-term Trend: Bullish (Daily Chart)

Despite the moves by the short traders, the EURNZD keeps ascending towards the upper channel as the bulls remain dominant and aiming higher in the long-term time outlook. The price bar remains above the moving average, suggesting a bullish trend.
The bulls’ pressure on the pair to a $1.89 high level in the previous action has enabled it to retain its upward growth in its recent high.

Nevertheless, it seems the bulls will take over the price of EURNZD as the buying pressure has just begun.

The market value spikes up to the $1.90 high level above the EMA-50 as the daily session begins today, indicating an uptrend in the momentum of the price of the Yen, as it journeys north.

A possible breakout from the mentioned supply level will provide and prolong the ongoing recovery to reach the $1.98 previous barrier point if the bulls could increase their buying forces.

Hence, more upsides are possible as indicated by the daily projector pointing upward, suggesting that the price of EURNZD will remain in an ascending channel, and a $2.00 upper high level might be the target in the days ahead in its higher time frame.

EURNZD Medium-term Trend: Bullish (4H)

The EURNZD pair is in a bullish trend in its medium-term outlook. The price bars can be seen above the supply trend levels.
Despite the moves from the short traders, the bulls managed to push the Yen price to a $1.89 supply level during the previous session and sustained its upward momentum at its recent high.

The EURNZD price is in an ascending channel as the bulls caused a rise in the Yen price to the $1.90 resistance value above the moving averages as the 4-hourly chart opens today, indicating more active buy traders in the price flow.

Hence, the bullish correction phase might extend to meet the resistance at the $1.98 prior high level, reflecting promising growth.

However, the daily stochastic pointing upward suggests that the bulls may continue trending in an ascending channel.

Therefore, if the buyers should intensify their tension in the market and the prices break above the $1.98 resistance trend line, a bullish trend continuation to the overhead resistance of $2.00 is possible in the nearby days in the medium-term perspective.

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