EURNZD: Price Signals a Buy Flag

The EURNZD pair looks promising and remains bullish on both outlooks.
Buyers may take their positions as it signals a buy flag.

EURNZD Weekly Price Analysis – March 9

EURNZD price signals a buy flag as it remains on a robust upward trajectory and looks good for the long investors at the $1.89 resistance value. The pair buying time is now as the currency pair is currently running a bullish race, facing high pressure from the bulls. However, the Yen price may remain at the top range of the market if all support holds and aims for the $1.90 target at the upper resistance, as it experiences a remarkable surge, signaling a buy trade for long traders.

EURNZD Market
Key Levels:
Resistance levels: $1.87, $1.88, $1.89
Support levels: $1.73, $1.72, $1.71

EURNZD Long-term Trend: Bullish (Daily Chart)

The EURNZD pair demonstrates a remarkable surge and signals a buy flag as it remains in a robust bullish trend in its higher time frame. The price is currently recovering at the upper resistance area above the EMA-50, suggesting a bullish trend.
The bulls’ activity at the $1.88 supply level in the past few days has enabled the Yen price to remain firm above the supply trend line in its recent high.

Today, the EURNZD price signals a buy flag as the bulls made an intense rally to a $1.89 upper resistance level above the EMA-50, suggesting a robust uptrend and a high bullish impact on the currency pair. Thus, more upsides are possible as buyers are clustered around the market presently.

In addition, under the influence of this market level, the price of EURNZD could continue in that direction if the support level at $1.87 remains held. The bulls could aim at the $1.90 upper resistance level as we watch the pair remain strongly bullish in the long-term perspective.

EURNZD Medium-term Trend: Bullish (4H)

Today, the EURNZD pair is showing promising signs of recovery as the price signals a buy flag and remains pressured above the crucial level, indicating a significant uphill trend in its medium-term outlook.
The sustained bullish pressure on the Yen in the previous action has enabled it to retain its upward growth in its recent high.

The EURNZD buyers increased the market price to a high at $1.88 above the EMA-50 as the 4-hourly chart opens today, signaling a buy flag, as possible future gains are certain.

Thus, a possible breakout from the current retracement at the $1.88 neckline will accelerate the buying momentum and stabilize the Yen price at the upper range.

Additionally, there is a possibility of a bullish breakout if the bulls should add more effort to their tension in the market as the daily stochastic signal points in an upward direction.

As a result, the next target could be the $1.90 upper high trend mark soon in the medium-term perspective.

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