EURNZD: Price Surge May Increase Further

The EURNZD price surge may increase Further.
Buy traders might take the leading in the market soon.

EURNZD Weekly Price Analysis – January 17

Amidst the market slump, the EURNZD price surge may increase further as the market turns green, progressing towards the crucial resistance, signaling the potential for further gains. If the buy traders could increase their pressure massively and all the support holds, the daily candle may break up the $1.86, setting the potential for a potential climb to the $1.90 upper supply level and beyond, indicating a strong buy signal for the long 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)

Amidst the broader recovery in the market, the EURNZD price surge may increase further as the pair witnesses gradual growth in its higher time frame due to increased buying volume. The price is above the supply levels, suggesting a bullish trend.
Buyers’ increased momentum to the $1.83 supply level in the past few days has sustained the Yen price surge above the resistance levels in its recent high.

Today, after completing yesterday’s lows at $1.82, the EURNZD price surged to a $1.83 high value above the moving averages. As the daily session opens, the price may increase further, suggesting the price surge will increase further and may attempt the $1.86 previous barrier level.

Such a move suggests that the bullish run may increase further as buyers return to the Yen market to stage a play, charging the bulls more strength to continue the upward move.

The stochastic oscillator signals an uptrend at around 42%, suggesting the bullish run may increase further and set the stage for a potential climb to the $1.90 upper resistance level before the bears takes over in the long term.
Thus, buyers must wait for the action before taking a position.

EURNZD Medium-term Trend: Bearish (4H)

The EURNZD pair has just resumed its bullish run, indicating that the price may increase further, targeting a critical level as it trades below the supply levels, indicating a bearish trend in its medium-term outlook.
Sellers’ increased momentum to the $1.82 support level in the past few hours has sustained the currency pair price below the resistance levels in its recent high.

Today, the EURNZD buyers took the journey up north at the $1.83 high mark below the EMA-50, as it continues correcting shortly after the commencement of the 4-hour chart, anticipating that the Yen price may surge towards the upper high level soon.

Hence, if the bullish correction phase persists, the new correction may drive the EURNZD price to retest the $1.85 previous barrier, indicating a growing buy pressure.

However, the EURNZD pair may increase further, as suggested by the daily signal pointing up. In light of this, the buy traders may continue the bullish correction, and the target might be the $1.90 upper supply mark in the days ahead as the pair anticipates further increase in the days ahead in its higher time frame.

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