EURNZD: Price Reversal May Push Higher

The EURNZD new correction may increase Further.
Buy traders might take the leading.

EURNZD Weekly Price Analysis – December 12

The EURNZD price reversal today may push higher amidst the market slump. The price retracement from the $2.00 support to a $2.01 high is a result of new surge in buyers’ interest. Consequently, the currency pair will enter a positive trend if it rises sharply from its current price over the resistance level. Hence, if this advance extends to the $2.06 barrier, buyers may realize immediate gains to the upper resistance level of $2.10, suggesting a buy trade.

EURNZD Market
Key Levels:
Resistance levels: $2.02, $2.03, $2.04
Support levels:    $1.88, $1.87, $1.86

EURNZD Long-term Trend: Bearish (Daily Chart)

The EURNZD bears may lose control over the market as it resumes bullish momentum below the supply levels, indicating a bearish trend on the daily chart.
The impulsive move by the short traders to $2.00 in the last session has contributed to the bearish trend.

As the daily chart opens today, the EURNZD price reversed and rose to $2.01 high value below the EMA-50 as of this writing, exhibiting incredible resilience in a correcting market.

Hence, a breakout from the current supply may draw momentum buyers to raise the pair price towards the peak of $2.06, suggesting a high likelihood of a bullish trend.

Notably, the stochastic oscillator signals an uptrend at around 20%, suggesting the bullish momentum may increase further, reaching an upper resistance level of $2.10 before the bears take over in the long term.

EURNZD Medium-term Trend: Bearish (4H)

The EURNZD pair saw a significant correction today, reversing and increasing below the supply, indicating a bearish trend in its medium-term. The price is below the EMA-50, confirming its bearish trend.
Pressure from sellers at $2.00 in the past session has dropped the price to the support level lately.

Thus, positive sentiment is returning to the market as the EURNZD price rebounded to a $2.01 high below the moving average on the 4-hourly chart, indicating a slight weakness in the strength of the bears as the journey up north continues.

Hence, if the bullish correction persists, buyers may drive the currency pair price to retest the $2.06 previous barrier, indicating growing buy pressure.

Notably, the stochastic oscillator points up around 87% in the overbought region, suggesting the overall outlook shows upward momentum and the bulls may remain dominant, while the EURNZD pair may reach the $2.10 upper high level within the range in the days ahead.

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