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.
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. 
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.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
