EURNZD: Price Offers a Suitable Pullback

The EURNZD market value could go higher.
The currency pair remains bullish in both outlooks.

EURNZD Weekly Price Analysis – October 3

The EURNZD market is up. Amidst recent market fluctuations, the pair offers a suitable pullback at $2.01 high mark, trying to stabilize above the supply levels. Will the pattern hold true and trigger a fresh recovery? Thus, if buyers manage to break the pattern’s resistance trend line at the $2.03 high value, a probable relief rally might propel the market price to the $2.08 resistance mark and beyond, resulting in a turnaround for long-term traders.

EURNZD Market
Key Levels:
Resistance levels: $1.83, $1.84, $1.85
Support levels:    $1.73, $1.72, $1.71

EURNZD Long-term Trend: Bullish (Daily)

The EURNZD price holds a recovery opportunity, offering a suitable pullback and remaining steady above the resistance levels in its long-term outlook. The price is above the supply levels, suggesting a bullish trend.
The order flow from the bulls in the last session also added to this bullishness. However, the bulls are now set to swing the pair price to the upper resistance zone.

Today, the EURNZD buyers offer a suitable pullback at a $2.01 high mark above the EMA-50 as the daily session opens, bolstering a sign of recovery in the market.

The currency pair price, however, may soon retest the previous high of $2.03 due to strong purchasing pressure, giving it a stronger platform for further growth.

Furthermore, if the support level holds, there is a chance that the pair may increase even more, allowing buyers to push the price of the currency pair up to a high of $2.10 in the near future.

EURNZD Medium-term Trend: Bullish (4H)

The medium-term outlook is quite bullish. Buyers also aim at breaking up the previous high, restricting the bears’ pressure as the market price of EURNZD now trades above the moving average, suggesting a bullish trend.

The bullish pressure in the past session has sustained the currency pair price above the trend levels in its recent high.

After the recent market drop, the bulls made an impressive move up to the $2.01 resistance level above the EMA-50 shortly after the 4-hourly chart opened today.

Therefore, maintaining above the supply levels suggests a good chance of a bullish corrective and that the pair may rise. Thus, the positive pressure will be strengthened by a significant break over the $2.02 barrier level.

Similarly, the price signal pointing upwards indicates that the trend will remain in an uptrend if buyers can intensify their buying pressure in the market and prices break above the previous resistance trend line.

In this case, a bullish trend continuation to the overhead resistance of $2.10 is also possible in the medium-term outlook.

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