EURNZD: Price Could Go Higher Soon

The EURNZD price could go higher sooner.
Buyers may take control of the trend.

EURNZD Weekly Price Analysis – September 12

Amid market slump, the EURNZD pair could reverse and go higher as market selling pressure is about to end. Thus, a strong buy signal for long traders would be indicated if the buy traders were able to significantly raise their pressure and all of the support held. The daily candle could break up the $1.98, opening the door for a climb to the upper supply level of $2.00 and beyond, suggesting a good entry point for buy traders.

EURNZD Market
Key Levels:
Resistance levels: $1.94, $1.95, $1.96
Support levels:    $1.88, $1.87, $1.86

EURNZD Long-term Trend: Bullish (Daily Chart)

Despite the moves by the short traders, the EURNZD is bullish. Meanwhile, the price could experience a reversal and go higher as the selling pressure is about to subside in the long-term outlook.

The price bar remains above the moving average, suggesting a bullish trend.

The bulls’ pressure on the pair to a $1.99 resistance level in the last few days has contributed to its upward growth lately.

Nevertheless, it seems the bulls will take over the price of EURNZD soon and surge higher as the selling pressure may not occur again.

Actions from the short traders to the $1.96 support value above the EMA-50 as the daily chart opens today, suggesting an uptrend.

Notably, The EURNZD pair is oversold, implying that the selling pressure may end soon.

Thus, should the bulls change their orientation and trigger their buying motives, the currency pair may reverse and give a bullish breakout of the bearish pattern to retest the $1.98 supply level, leading the pair to the $2.00 upper high mark in the nearby days.

EURNZD Medium-term Trend: Bearish (4H)

The medium-term outlook for the EURNZD price is pessimistic. Meanwhile, the pair anticipates a bullish trend soon as it is already oversold. A bearish trend is indicated by the price action being below the moving average.
Its recent low has been bearish due in part to the bears’ persistent pressure at the $1.96 support level during the previous session.

When writing, the EURNZD buyers took the journey up north to $1.96 high mark below the EMA-50, as it continues correcting, shortly after the commencement of the 4-hourly chart, anticipating going higher soon.

Therefore, the fresh swing may push the EURNZD price to retest the prior barrier of $1.98, signaling increasing buying pressure, if the bullish corrective phase continues.

Furthermore, the bulls expect a bullish trend, as indicated by the upward-pointing daily signal.

As the pair expects a gain in its medium-term outlook, the buy traders may continue the positive correction, with the $2.00 upper supply level becoming the goal in the coming days.

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.