EURNZD: Price May Experience an Increase

The EURNZD price surge may increase Further.
Buy traders might take the leading soon.

EURNZD Weekly Price Analysis – October 24

Amidst the market slump, the EURNZD price could see an increase as the daily market remains above the supply level, suggesting the bulls are still dominant. If buy traders could increase their pressure massively and the current support at $2.01 holds, the daily candle may experience a reversal and break through the $2.04 prior peak barrier, setting the potential for massive recovery and a good entry point for long traders.

EURNZD Market
Key Levels:
Resistance levels: $2.02, $2.03, $2.04
Support levels:    $1.85, $1.84, $1.83

EURNZD Long-term Trend: Bullish (Daily)

Despite the interference of sellers, the EURNZD pair remains bullish and may swing further as the price trades at the top range, suggesting a bullish trend.
Buyers’ increased momentum to the $2.02 supply level in the last session has sustained the pair value above the resistance levels in its recent price.

Today, after completing yesterday’s high of $2.02, the EURNZD price dropped to a $2.01 support level above the EMA-50, indicating an uptrend.

However, the currency pair may experience a reversal from the mentioned support if the bulls increase their buying activities; the $2.04 previous high could be retested.

Notably, the daily signal approaches the oversold region, implying that the EURNZD price reversal is imminent. In light of this, the pair price may surge to a $2.10 upper resistance range of the channel in the upcoming days. Thus, buyers must wait for this action before taking a position.

EURNZD Medium-term Trend: Bearish (4H)

In the medium term, the EURNZD pair has resumed its bullish run, indicating that the price may increase further, targeting a critical level as it trades below the supply levels.
Sellers’ increased momentum to the $2.01 support level in the past few hours has sustained the currency pair price below the resistance levels in its recent correction.

Today, the EURNZD price rebounded to a high of $2.01 below the EMA-50, facing the resistance shortly after the commencement of the 4-hourly chart, hoping that the pair price may surge towards the crucial resistance.

Hence, if the bullish correction persists, the bulls may drive the EURNZD price to retest the $2.04 previous barrier, indicating a growing market.

However, the EURNZD pair may increase further, as suggested by the daily signal pointing upwards. In light of this, the buy traders may continue the bullish correction, and the target might be the $2.10 upper supply mark in the days ahead as the pair anticipates further increase.

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