EURNZD: Price Might Reach the $2.06 Supply Mark

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

EURNZD Weekly Price Analysis – February 13

The EURNZD pair saw a significant correction today. The currency pair may surge to reach the peak supply value amid an increase in buyers’ interest, as the price starts to rise, with emerging reversal patterns and growth. Meanwhile, the price is anticipated to increase further and could rise higher as the market’s selling pressure appears to be exhausted. The pair has just resumed bullish pressure; if the bulls can add more tension to their buying forces; the pair price could rise to the $2.04 prior high barrier and extend upwards to the $2.06 upper resistance level, suggesting a good buy signal and entry point for long traders.

EURNZD Market
Key Levels:
Resistance levels: $2.03, $2.04, $2.05
Support levels:    $1.94, $1.93, $1.92

EURNZD Long-term Trend: Bearish (Daily Chart)

On the higher time frame, the EURNZD pair shows strength as it reverses and starts to increase below the supply range, indicating a bearish trend pattern. The price is below the EMA-50, confirming a bearish trend.
Nevertheless, it seems the bulls will take over the price soon and surge higher as the selling pressure has ended.

The sustained bearish pressure at a $1.94 in the last few days has contributed to the pair’s bearishness in its recent positive correction.

At the time of writing, the EURNZD price encountered resistance at the $1.96 value below the moving average as the daily chart begins, and this might reach the $2.04 peak value if the bulls can increase their bullish pressure on the pair before it resumes another retracement.

Pressure to reach a key significant level at the upside increases with the length of time the price remains above the stated supply level.

Notably, the EURNZD price is also pointing upwards, suggesting that the bullish pattern may progress in an upward direction, and this might reach the $2.06 supply trend in the days ahead in its long-term outlook.

EURNZD Medium-term Trend: Bearish (4H)

The EURNZD buying pressure has just begun on the medium-term chart and might reach the resistance channel as it continues the rising pattern. The price bar is below the moving averages, suggesting a bearish trend.
The short traders’ action at $1.95 in the last session has dropped the price beneath the supply levels lately.

Today’s 4-hourly chart shows a more extensive price rebound. The currency pair surged to a $1.96 supply level below the EMA-50, and if the bulls increase their buying, it may rise toward the $2.03 prior peak barrier.

Additionally, the daily stochastic indicates an uptrend. Hence, if EURNZD buyers can break above the previous barrier line, market participants may witness a new recovery rally, and this might reach the $2.06 high mark in the upcoming days.

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