EURNZD: Price Could See an Uptrend Soon

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

EURNZD Weekly Price Analysis – December 5

The EURNZD pair could see an uptrend soon as it is about to resume its bullish rally. The price may likely reclaim another crucial supply level. The selling pressure may not occur as the market is already oversold, and the pair may be ready for an upward surge. Given this, if the bulls can trigger their forces in the market, the price may likely turn positive to retest the $2.06 previous barrier and extend to meet the upper resistance level at $2.10, indicating high conviction from buyers.

EURNZD Market
Key Levels:
Resistance levels: $2.00, $2.01, $2.02
Support levels:    $1.89, $1.88, $1.87

EURNZD Long-term Trend: Bearish (Daily Chart)

In the long term, the EURNZD pair is displaying a negative trend. The price bar is below the moving averages due to inflows from sell traders. However, there is about to be a turnaround for long traders.
The price has been below the supply since its recent low due to persistent bearish pressure over the last few days.

As the daily chart begins today, bearish actions sent the EURNZD price lower, reaching the $2.01 support level below the EMA-50.

Hence, the bullish momentum might be triggered, and the price may likely reverse and increase to break the $2.06 previous high soon if the current support remains unmoved and the bulls increase their buying activities.

Additionally, the EURNZD market price has reached oversold territory, and further losses are unlikely.

The currency pair will begin its ascent soon; therefore, we can now grow in confidence that a potential buy is approaching.

As a result, in the coming days, the price increase may reach the $2.10 upper resistance level, suggesting a robust supply zone for a possible buy in its higher time frame.

EURNZD Medium-term Trend: Bearish (4H)

The EURNZD pair rebounded after its massive drop. The currency pair has just resumed its bullish rally and could see an uptrend as selling pressure seems to have ended. The price action is below the moving averages, suggesting a bearish trend.
Nevertheless, the bulls will take the lead soon and push us higher as the market is already oversold.

The bearish impact on the pair at the $2.01 low level in the previous action has contributed to its bearishness in its recent correction.

However, the EURNZD pair is regaining strength as we can see a new corrective move by the bulls at the support levels.

The currency pair rebounded and broke out at the $2.02 supply level as the 4-hourly session opens today, signaling the potential for significant gains as the bull trend resumes.

Thus, a positive close above the $2.06 prior barrier will signal a sustained upward momentum.

Additionally, the EURNZD price might experience a bullish breakout if the bulls increase their tension in the market, as signaled by the daily stochastic pointing up.

As a result, the next target could be the $2.10 high trend mark in the medium-term perspective.

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