EURNZD: Remains in an Ascending Channel

The EURNZD price remains in an ascending channel.
The bulls are still dominating the market.

EURNZD Weekly Price Analysis – May 23

The EURNZD pair is gaining traction and remains in an ascending channel, confirming the bulls’ dominance. However, the Yen price could rise as buyers remain dominant, propelling the market value to the overhead resistance. Therefore, If the buy traders could prove harder and the price shows sustainability above the $1.98 previous high value, the correction phase might extend to a $200.00 upper high level and beyond, providing buyers with an excellent entry opportunity.

EURNZD Market
Key Levels:
Resistance levels: $1.92, $1.93, $1.94
Support levels:    $1.77, $1.76, $1.75

EURNZD Long-term Trend: Bullish (Daily Chart)

The EURNZD price holds a recovery opportunity and remains in an ascending channel, aiming to rally beyond the previous high at $1.98 as it remains steady above the resistance levels in its long-term outlook. The price is above the supply levels, suggesting a bullish trend.
The Yen price remains firm above the supply levels in its recent high due to an increasing order flow by the bulls at a $1.90 prior supply value in the last session.

Today, the momentum continues as the bulls made a corrective move to a high at the $1.91 mark above the EMA-50 as the daily chart commences and the journey up north continues.

However, if the Yen’s price could sustain above the $1.98 high level, the potential rally might remain in an ascending channel and surge to hit the $2.00 upper high level and beyond, offering a good entry point for buyers.

In a like manner, the momentum indicator pointing up also indicates that the price of EURNZD could go higher and remain upside to reach as high as the 2.00 high levels in its long-term perspective.

EURNZD Medium-term Trend: Bullish (4H Chart)

Despite the interference by the short traders, the EURNZD pair remains in an ascending channel in the medium-term outlook. The price bars are above the EMA-50, indicating an uptrend.
The sustained bullish pressure at a $1.90 level in the last session has enabled the pair to retain the strength in its recent high.

Today, the bulls drove the Yen price to the $1.91 high value above the supply trend levels as the 4-hourly chart opens. The EURNZD pair looks promising as the market value remains bullish, confirming the bulls’ dominance.

The currency pair has recently experienced a price surge and might swing and break up to its expected target at $1.92 previous high, strengthening buyers’ confidence and driving expectations for future gains.

Additionally, the daily stochastic remains in an upward channel. Hence, if the buy traders break above the $1.92 previous supply trend line, the market participants may witness a new recovery rally to the $2.00 high mark soon in the medium term.

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