EURNZD: Price Could Go Higher

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

EURNZD Weekly Price Analysis – January 24

The EURNZD price could go higher, as buyers remain dominant, aiming to rally towards the overhead level as the price keeps its head above the resistance levels. The Yen price is getting close to the upper resistance levels. Therefore, if the bulls could trigger their forces in the market, the Yen price may increase in value to retest its previous high of $1.86 and extend further to reach the $2.00 upper resistance trend line, 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)

The EURNZD price holds a recovery opportunity and could go higher 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 bulls’ pressure to the $1.83 high mark in the last session has enabled the Yen’s price to go higher and initiate another uptrend above the resistance level in its recent high.

Today, the EURNZD price is at a $1.84 resistance level above the EMA-50 as the daily chart commences and could go higher as the pair keeps gaining traction toward the upper channel.

However, if the Yen’s price could sustain above the $1.86 high level, the potential rally might surge to hit the $2.00 upper high level and beyond, offering a good entry point for buyers.

In a like manner, the momentum indicator pointing up also indicates that the price of EURNZD could go higher and remains upside to reach as high as the 2.00 high levels in the days ahead in its long-term perspective.

EURNZD Medium-term Trend: Bullish (4H)

Despite the interference by the short traders, the EURNZD pair remains in a bullish market and could go higher 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 a $1.84 level in the last session has enabled the pair to retain the strength in its recent high.

The EURNZD price drop to the $1.83 high level has not stale the Yen market price as it remains intact above the supply levels, indicating an uptrend.

Hence, staying above the supply levels indicates the pair could go higher and a strong possibility for a bullish correction. Thus, a strong breakup above the $1.85 resistance point would strengthen the bullish pressure.

Further, the momentum indicator is approaching the oversold region, suggesting that the EURNZD price could go higher soon. In this case, the Yen price may reach the $2.00 supply trend line as it turns positive and goes higher in its medium-term perspective

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