EURNZD: Price Looks for a Bullish Reversal Soon

The currency pair anticipates a bullish reversal soon.
Selling pressure might subside while the bulls will take the leading soon.

EURNZD Weekly Price Analysis – April 25

Today, the EURNZD price looks for a bullish reversal as the current selling pressure may end soon, and the price could be ready for an upward movement. This reversal pattern could assist long traders in challenging the $1.98 neckline barrier and remaining stable at the upside. Therefore, should the bulls add more pressure to the buying momentum, the Yen price may reverse to the bullish pattern, and its upside could extend to a $2.00 upper resistance level, creating a strong accumulation zone for buyers.

EURNZD Market
Key Levels:
Resistance levels: $1.91, $1.92, $1.93
Support levels: $1.77, $1.76, $1.75

EURNZD Long-term Trend: Bullish (Daily Chart)

The EURNZD price looks for a bullish reversal as the pair-selling pressure is about to end in the long-term outlook. Meanwhile, the pair remains in an uptrend despite the moves by the bears, indicating a bullish trend.
The high bullish pressure on the currency pair at the $1.92 supply level on the 21st of April has sustained the Yen price above the resistance in its recent low. Nevertheless, it seems the bulls will take over the price of EURNZD soon, and a breakout is imminent.

The EURNZD price anticipates a bullish reversal while the bears dropped the Yen price to a low of $1.89 above the EMA-50 as the daily chart opens today, indicating a slight weakness in the bears.

Meanwhile, the Yen price could experience a bullish reversal at the $1.89 low value if the bulls step in and add more aggression to their buying pressure; a break above $1.98 is likely to ward off the selling momentum.

Meanwhile, the selling pressure will end soon, and further downsides may be unlikely as the market price of EURNZD is oversold.

As a result, the currency pair might experience a bullish reversal at the mentioned support. If this is achieved, the next price target might be the $2.00 resistance value in the days ahead in its higher time frame.

EURNZD Medium-term Trend: Bearish (4H)

The EURNZD pair anticipates a bullish reversal as the pair drops beneath the supply level, indicating a bearish trend in its medium-term perspective. However, the current trend will soon be nullified as the market now approaches the oversold region.
The sustained bearish pressure at the $1.90 support value in the previous session has made the currency pair remain below supply levels in its recent low.

The market price of EURNZD drops further to a $1.89 support value below the moving averages as the 4-hourly session opens today, and looks for a bullish reversal soon.

It’s worth noting that the bears may lose control, and the upward trajectory could face another barrier above the resistance at the $1.98 supply value, suggesting a renewed strength in buyers’ interest.

Furthermore, the pair is approaching the oversold region on the daily stochastic, indicating that the selling pressure may soon be put to hibernation.

In light of this, the emergence of buyers in the oversold region is crucial, leading the EURNZD price to reach the $2.00 upper resistance mark in the coming days in its medium-term forecast.

Hence, sellers may wait for this action to commence before taking a position in the medium term.

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