EURNZD: Price Awaits Bullish Expansion

The EURNZD price could go higher.
The currency pair remains bullish in both outlooks.

EURNZD Weekly Price Analysis – December 19

The EURNZD pair is awaiting a bullish expansion, and the price could rise further, as buyers remain dominant, aiming to rally towards the overhead level soon. The price is poised for a breakout after a short-term trend by sell traders. Hence, the pair could see a further increase, and a potential upswing would receive better confirmation of a bullish recovery if the buyers break above the November 25th high of $2.06. As a result, the post-breakout rally may lead the price towards the upper resistance area of $2.10, signaling a buy trade for long-term traders.

EURNZD Market
Key Levels:
Resistance levels: $2.01, $2.02, $2.03
Support levels:     $1.88, $1.87, $1.86

EURNZD Long-term Trend: Bullish (Daily)

It could be seen that the Euro seems to have gathered some strength against the New Zealand Dollar.
The currency pair holds a recovery opportunity and could increase as it remains steady above the resistance levels in its long-term outlook. The price is above the supply levels, suggesting a bullish trend.

The high momentum by the bulls in the last session has enabled the price to maintain an upward trend despite its recent correction.

Today, the EURNZD price is rising again on the daily chart with a bullish candle at a $2.03 high mark above the EMA-50 as the bulls brace for a major uptrend.

The market value is likely to continue moving upwards as we are seeing a strong turnout of buyers. Thus, a push above the peak resistance of $2.06 will form the ultimate trigger.

Additionally, the EURNZD price may experience a bullish breakout if the bulls increase their buying motives in the market, as signaled by the daily stochastic pointing up, indicating an uptrend and a bullish trend continuation.

As a result, the next target could be the $2.10 upper high range in the higher time forecast.

EURNZD Medium-term Trend: Bullish (4H)

Despite the interference of short traders, the EURNZD pair remains in a bullish market and could surge if additional power is vested in buying pressure in its medium-term outlook. The price bar is above the EMA-50, indicating an uptrend.
The sustained bullish pressure at $2.03 level in the last session has enabled the pair to retain strength in its recent high.

The EURNZD pair market price remains intact above the supply levels, signaling an uptrend, despite the price decline to the $2.03 level.

Therefore, remaining above the supply levels suggests that the pair may rise and that a bullish corrective is highly likely soon.

Hence, if the bulls increase their confidence in the EURNZD market, the price trend could see another uphill trend by reversing from the mentioned support and hitting the $2.06 resistance barrier, attracting big players to drive the pair price higher in its medium-term perspective.

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