EURNZD: Price Could Drop Lower

The EURNZD price could drop lower as new bearish trend resumes.
Sell traders might take the leading in the market soon.

EURNZD Weekly Price Analysis – February 16

EURNZD price anticipates more drops and could drop lower as the market buying pressure seems exhausted. The pair has just resumed the bearish pressure; if the bears could add more tension to their selling forces; the Yen price could drop lower to the $1.74 prior low value and extend downwards to hit the $1.70 lower support, suggesting a good sell signal and entry point for short 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)

Despite the moves by the short traders, the EURNZD is bullish. Meanwhile, the price could drop lower as the bears have just begun their bearish rally 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 $1.84 resistance level in the previous action has enabled it to retain its upward growth in its recent low price.

Nevertheless, it seems the bears will take over the price of EURNZD soon and drop lower as the buying pressure is not likely.

Actions from the short traders dropped the EURNZD price lower to $1.83 above the EMA-50 as the daily chart opens today, suggesting the returns of the bears to stage a play and influence the price tendency.

Hence, if the bearish correction persists, the Yen price could drop lower to retest the $1.74 previous barrier, indicating a potential and sustainable trend for short traders.

However, the bears could drop the EURNZD market lower as indicated by the daily signal pointing downwards. In light of this, the short traders may continue the downward journey and could slump to hit the $1.70 lower support mark in the days ahead in its higher time frame.

EURNZD Medium-term Trend: Bullish (4H)

The EURNZD pair has just resumed its bearish run and could drop lower as the buying pressure seems to have ended.
The price action is above the moving averages, suggesting a bullish trend. Nevertheless, the bears will take over the Yen price soon and take us lower as the market approaches the oversold region.

The high order flow by the bulls to a $1.84 supply value in the last few hours has enabled the Yen price to stay above the resistance lines in its recent low.

Today, the EURNZD dropper lowered as sellers returned briefly and took the journey down south to a $1.83 support mark above the EMA-50 shortly after the commencement of the 4-hourly chart, anticipating more drops.

The pair is witnessing a change in trend. If an increase in selling momentum occurs, the Yen price might drop lower to reach the $1.82 low level, footing the Yen market to drop more.

Notably, the EURNZD pair shows more downside possibilities. As a result, the pair could drop lower to hit the $1.70 lower support value in the days ahead in its medium-term forecast.

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