EURNZD: Price to See More Drops

The EURNZD pair anticipates more drops.
Sellers may dominate the market sooner.

EURNZD Weekly Price Analysis – June 27

Today, the EURNZD price anticipates further drops as the bears resume selling pressure, preparing for a pullback. The short traders returned gradually to drop the currency pair further. Therefore, if the bears add more pressure to the selling momentum, the Yen price may drop to a $1.77 support and extend to reach the $1.75 lower support level, creating a strong accumulation zone for sellers.

EURNZD Market
Key Levels:
Resistance levels: $1.94, $1.95, $1.96
Support levels: $1.77, $1.76, $1.75

EURNZD Long-term Trend: Bullish (Daily Chart)

The EURNZD price is expected to decline further as the pair faces selling pressure in the long-term outlook. Meanwhile, the pair remains in an uptrend despite the interference by the bears, indicating a bullish trend.
The high bullish pressure on the currency pair at the $1.94 supply level in the last few days has sustained the Yen price above the resistance in its recent low.

Nevertheless, the bears will invade the EURNZD market soon, and a breakdown is imminent.

The EURNZD price could see more drops as sellers ‘action dropped the Yen price to a low of $1.92 above the EMA-50 as the daily chart opens today, indicating sellers will invade soon.

Meanwhile, the Yen price could experience drops if the bears accelerate their selling pressure; a break below the $1.77 previous low mark may keep the selling momentum and put bullish pressure on the hold.

Meanwhile, the selling pressure may continue, and further downside is likely as the market price of EURNZD is overbought. As a result, the currency pair might experience more drop and the target might be the $1.75 lower support value in the days ahead on its higher time frame.

EURNZD Medium-term Trend: Bullish (4H)

The EURNZD pair suggests a further drop in the medium-term view. Meanwhile, the Yen price is in red above the moving average, indicating a bearish trend. However, sellers will invade the market as buying pressure has ended.
The bullish impact on the pair at the $1.93 high level in the previous action has contributed to its bullishness in its recent price level.

The market price of EURNZD could see more drops as the bears slide the Yen price to a $1.92 low mark above the moving averages as the 4-hourly session opens today.

Consequently, the selling pressure will be strengthened by a significant fall below the $1.88 previous support level, suggesting a renewed strength in sellers’ interest.

Notably, EURNZD price action pointing down around 59% on the daily stochastic, suggests that sellers will invade the Yen market sooner.

In light of this, the Yen price may experience more drop toward the $1.77 lower support trend level in the days to come.

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.