EURNZD: Price Made a Clear Bullish Pattern

The EURNZD pair still trades in a bullish market zone.
Buyers are leading in the market.

EURNZD Weekly Price Analysis – November 7

Today, the EURNZD pair remains at the top range of the market. However, the pair is making a clear bullish pattern, indicating that buyers are dominant and are gaining strength. The market price is growing and remains positive at the massive breakout from the daily resistance of $2.03. The bulls are gaining strength at the moment. The currency pair may climb up to the $2.04 upper resistance level and beyond if it breaks above the current supply value, resulting in an intraday gain for long-term investors.

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

EURNZD Long-term Trend: Bullish (Daily Chart)

The EURNZD pair is growing and experiencing a notable upsurge in its long-term.

The price is strongly trading above the moving averages with huge volumes from the bulls, suggesting a bullish momentum. Thus, the recent market structure has favored the bulls.

The sustained bullish pressure pushed the price up to a $2.01 high level before the end of yesterday’s session, thereby enabling the pair price to remain firm above the supply levels in its recent high.

Today, the market price of EURNZD increases to a $2.03 supply level above the EMA-50 as the daily chart opens, suggesting that the price is growing and may continue.

Thus, a possible breakout from the mentioned supply level will provide a higher float for buyers and prolong the ongoing recovery.

As a result, the daily signal indicating an upside position suggests that the EURNZD market has a tendency to surge and increase further.

Therefore, assuming all support holds, the pair price may soon approach the upper resistance at $2.04, demonstrating the significant level of long-term investor interest in the asset.

EURNZD Medium-term Trend: Bullish (4H)

As the price continues to rise in the medium-term forecast, upward pressure still dominates the EURNZD market. The price currently trades above the moving averages, affirming its bullish trend.
During the last session, the bulls reached a barrier level of $2.02, which allowed the pair price to surpass supply levels at its most recent peak.

Today, the bulls increased the EURNZD market value to the $2.03 high mark above the EMA-50 as the 4-hourly chart opens, suggesting that the price is growing and signaling strong market optimism.

With strong and consistent buying pressure, the currency pair has the potential to rise further to retest the $2.04 prior barrier as it continues the bullish correction, offering a vibrant resistance to the pair price.

In addition, the daily stochastic pointing upwards suggests more bullish action if all the support holds.

Given this, the price of EURNZD may surge to the $2.05 upper resistance level as the bullish momentum continues.

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