EURNZD: Price Remains a Good Buy at $1.90 Level

EURNZD remains a good buy at the $1.90 level
The pair is going in favor of the bulls on both outlooks

EURNZD Weekly Price Analysis – May 9

EURNZD market price remains a good buy at the $1.90 level while trading firmly above the supply levels. If the bulls can add additional efforts to their buying pressure and the currency pair could sustain above the $1.98 peak resistance level, the Yen price may trigger up to the overhead resistance mark at the $200.00 level, suggesting a good entry point for long traders.

EURNZD Market
Key Levels:
Resistance levels: $1.93, $1.94, $1.95
Support levels: $1.73, $1.72, $1.71

EURNZD Long-term Trend: Bullish (Daily Chart)

The EURNZD pair is bullish on the daily chart. The pair remains a good buy at the $1.90 high level above the moving average, approaching the upper resistance level. The yen is likely to continue moving upwards as we see a strong turnout of buyers.
However, the bulls’ pressure to the $1.89 high value in the last session has sustained the Yen price to remain a good buy above the resistance trend levels in its recent high.

Today’s daily bullish candle at the $1.89 value, which further rises to a $1.90 supply mark above the moving averages, confirms the bulls’ dominance in the market and also indicates a good buy for the long traders.

Thus, a strong break above the $1.98 prior resistance value would intensify the buying pressure on the currency pair.

Further, the EURNZD pair indicates an upward momentum on the daily signal, implying that the pair may continue to remain a good buy and increase to the upside, leading the Yen price to a high of $200.00 upper resistance trend mark soon in its long-term outlook.

EURNZD Medium-term Trend: Bullish (4H)

Upward pressure still dominates the EURNZD pair in the medium-term outlook. The pair remains a good buy while trading above the moving averages with huge volumes from the bulls. Thus, the recent market structure has favored the bulls.
The sustained bullish pressure pushed the currency pair up to the $1.89 supply level during yesterday’s session and sustained it. This has enabled the pair to remain a good buy at its recent price level.

Earlier today, the bull run caused a rise in the price of EURNZD to a high at the $1.90 level above the moving averages as the 4-hourly chart opens. This current trend will enable the Yen price to remain a good buy and create a strong area of interest for buyers.

Notably, the price of EURNZD pointing upwards on the daily stochastic means that further upside is certain.

It is therefore expected that the buy investors will move the price action up and may likely hit the $200.00 upper resistance level soon in its medium-term outlook.

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