EURNZD: Price May Surge above the $1.98 Supply Value

The currency pair still trades in a bullish market zone.
Buyers may invade the EURNZD market soon.

EURNZD Weekly Price Analysis – August 29

EURNZD price anticipates jumps, and the price may surge above the current resistance of $1.98 as the pair remains in an uptrend despite the minor drop. However, the currency pair market value may rise and break over the crucial supply level if all the support holds, and buyers could add more aggression to their buying forces. Then, the price action of the pair may rise as high as the $2.00 upper resistance level, suggesting a buying signal for long traders.

EURNZD Market
Key Levels:
Resistance levels: $1.97, $1.98, $1.99
Support levels:    $1.88, $1.87, $1.86

EURNZD Long-term Trend: Bullish (Daily Chart)

The EURNZD remains in an uptrend despite the drop from the bears. The price is above the moving average, suggesting a bullish trend.
The high bullish pressure on the currency pair at $1.98 high mark in the last action has sustained the price above the supply trend levels in its recent high.

Nevertheless, the bulls will continue the bullish rally, and a break above the prior supply level is imminent.

EURNZD price on the daily chart today is above the EMA-50 at the $1.98 high level, indicating an uptrend as the bullish momentum approaches the overhead region, creating excitement among buyers.

As a result, the price trend may surge above the current value, giving long traders a buy signal if the bulls intensify their market trend.

Notably, the daily signal is approaching the overhead region, suggesting the buying pressure will continue.

In light of this, the bulls may push the currency pair value to a $2.00 upper resistance in the upcoming days on the higher time frame.

EURNZD Medium-term Trend: Bullish (4H)

The medium-term forecast for the currency pair is still positive. The price bars are trading above the moving averages.
The EURNZD price has been able to hold above the resistance lines at its recent high due to the bulls’ enhanced impetus at the $1.97 supply value during the previous action.

Shortly after the 4-hourly chart opens today, the EURNZD buyers initiated their upward corrective at the $1.98 barrier mark above the EMA-50, suggesting a strong belief in buyers to push the price of the currency pair higher.

Thus, a bullish correction can occur if the current support holds and the bulls increase their market activity. The price may rise in order to break through the previous high of $2.00, giving buy traders more room to develop.

Furthermore, the daily stochastic is in an upward direction at the oversold region, implying the selling pressure is unlikely.

As a result, the pair may surge to reach the $2.10 upper resistance level in the upcoming days in its medium-term view.

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