EURNZD: Price Could Go Higher

The currency pair may soon maintain a stable upside moves.
The bulls might outsmart the short traders on both outlooks.

EURNZD Weekly Price Analysis – January 30

The EURNZD price could go higher, and bullish action may persist as buyers anticipate further growth, with the price edging closer to the resistance level. The currency pair is facing slight resistance from the bulls at the $1.97 level. Therefore, if the current support at $1.96 holds, and the daily chart closes above the previous high of $2.04, the next potential rally could hit the upper resistance level of $2.06 and beyond, revitalizing the market.

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

EURNZD Long-term Trend: Bearish (Daily Chart)

The market value of EURNZD could go higher above the crucial level as buyers return, retracing from the support on the higher time frame.
Its downward stability at its most recent correction has been maintained by pressure from the bears of a $1.96 low value in the prior action.

When writing, the EURNZD market indicates that the price will rise as buyers’ action moves the currency pair to a $1.97 high mark below the EMA-50 on the daily chart, indicating that buyers are defending this level and attempting to push the price higher.

As the Euro is gathering some strength against the New Zealand dollar, the price may ignite another surge to the previous high of $2.04 and sustain a steady upward trajectory.

Notably, the technical indicator upward suggests that the EURNZD pair has more upside potential.

As a result, if the new bullish trend persists, the post-breakout rally may lead the pair price toward the upper resistance level of $2.06, creating excitement among long traders.

EURNZD Medium-term Trend: Bearish (4H)

In the medium-term view, the EURNZD market is facing resistance, and the price could increase if the bulls can put extra effort into their buying actions.
Actions from the short trader at the $1.96 support level during the previous session have contributed to its bearish status lately.

Earlier today, the bulls made a successful move and rebounded to a $1.97 supply value slightly below the moving averages as the 4-hourly chart opens, implying that the pair price could go higher and encourage buy traders to invest in the currency pair, as future gains are certain.

Hence, if the bulls add more pressure to their buying motives, the EURNZD price may swing above the previous peak barrier of $2.04, indicating conviction from buyers.

Notably, the stochastic oscillator signals an uptrend at the oversold region below the 20%, suggesting the bullish rally may increase further.

Given this, the potential climb may surge to the $2.06 upper resistance level before the bears take over.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.