EURNZD:Shows a Bullish Flag

The currency pair suggests a buy trade.
Buyers are currently dominant.

EURNZD Weekly Price Analysis – October 17

Today, the EURNZD pair signals a bullish flag that the bulls are very active in the market. The price has risen above the critical threshold due to a revived buying activity. Therefore, if the bulls can strengthen their purchases and the market price sustains above the $2.03 level, the potential rally could surge above the $2.05 upper resistance value and beyond, setting the stage for higher rallies.

EURNZD Market
Key Levels:
Resistance levels: $2.01, $2.02, $2.03
Support levels:    $1.88, $1.87, $1.86

EURNZD Long-term Trend: Bullish (Daily Chart)

In the long run, the EURNZD pair is in a positive movement. In comparison to the New Zealand dollar, the Euro appears to have gained some strength.
The price is currently recovering above the EMA-50, approaching the overhead zone, indicating an uptrend. The currency pair remains in a stable upside move due to the bullish action at $2.02 in the previous session.

The bullish pattern emerged again today, as the EURNZD price surges to a $2.03 high mark above the moving average as the daily chart resumes, suggesting a robust bullish rally with a notable increase.

Meanwhile, if this level is maintained, the pair value may be able to swing towards the upper channel, providing a buy signal for long-term traders.

Additionally, the EURNZD market may experience a bullish breakout if the bulls accelerate their buying activity, as signaled by the daily stochastic pointing up, indicating an uptrend and a bullish trend.

As a result, the next target could be the $2.05 upper resistance in the higher time perspective.

EURNZD Medium-term Trend: Bullish (4H)

The EURNZD price is above the moving averages on the medium-term time frame and has broken the previous high of $2.02, confirming a strong momentum. The chart below indicates that the pair is on a smooth upswing.
The sustained bullish pressure pushed the currency pair up to the $2.02 supply level during yesterday’s session and sustained it. This has enabled the pair to remain firm in an uptrend in its recent surge.

As the 4-hourly chart starts today, the EURNZD price surges sharply over the resistance trend lines at $2.03 level, due to strong bullish influence. The currency pair appears promising as the bulls remain dominant.

The market price may therefore continue to rise and halt any additional bearish movements if the purchasing momentum continues and the bulls close the session above the mentioned high.

Notably, the daily stochastic signals an uptrend; if the bulls could push harder and sustain the currency pair price above the $2.03 high, the resulting rally may surpass the $2.04 level and hit the $2.05 psychological level at the upside in the days ahead in its medium-term perspective.

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.