EURNZD: Sends a Clear Bullish Signal at $1.98 Supply Mark

The EURNZD pair looks promising at the $1.98 current value.
The bulls remain on top of the range.

EURNZD Weekly Price Analysis – September 5

The EURNZD pair is positive today and sends a clear bullish signal as it holds above the $190.00 supply. The recent breakout at the $1.98 level suggests that the bulls are still very strong. Thus, if the pair closes above the $2.00 peak barrier, the accelerated buying pressure may increase the currency pair price to reach the $205.00 upper resistance level, resulting in a potential buy signal.

EURNZD Market
Key Levels:
Resistance levels: $1.96, $1.97, $1.98
Support levels:    $1.88, $1.87, $1.86

EURNZD Long-term Trend: Bullish (Daily Chart)

The long-term market value of the EURNZD pair is moving in a bullish direction. The currency pair sends a bullish signal, trading above the EMA-50 with volumes from the bulls.
The pair has remained above the supply trend levels at its most recent high due to the bulls’ pressure on the supply value of $1.97 in the last few days.

Following the current threat of rising prices, the price of the EURNZD reaches a supply level of $1.98 above the EMA-50. Buyers would break above the $2.00 neckline barrier if the current pattern holds true, giving long traders intraday profits.

Furthermore, as the daily stochastic indicates, the underlying sentiment points to a continuation of the upswing in the days ahead.

Buyers are anticipated to drive the price of EURNZD higher to a noteworthy level; in this instance, the target may be the $205.00 supply level in the near future.

EURNZD Medium-term Trend: Bullish (4H)

The price of EURNZD has reaffirmed a positive momentum by breaching the previous high and sending a clear bullish signal above the moving averages on the medium-term chart.
The bulls’ increased momentum at the $1.97 supply value during the previous action has enabled the pair to maintain its strength above the resistance lines at its recent high.

As the 4-hourly chart starts today, EURNZD price action rises to a high level of $1.98 above the EMA-50, indicating that bearish momentum is waning due to the market price’s strong bullish influence.

However, the price may likely reach the previous supply of $2.00 and pave the stage for further expansion if buying pressure increases.

Notably, the momentum indicator is going upward, indicating that there is more upward potential for the currency pair; we can undoubtedly anticipate further increases and strength from the pair.

In the next days, the pair’s medium time frame may see it reach the $205.00 upper resistance level.

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