EURNZD – Signals a Sell Trade at $2.01 Support Value

The currency pair is bearish on both outlooks.
Sell traders may take their position as desired.

EURNZD Weekly Price Analysis – December 26

The EURAUD pair shows a bearish flag. The pair signals a sell trade at the current support level of $2.01 and could continue trending in the same direction as bearish pressure mounts. However, the pair may continue with the dumps if sellers renew their selling strength and drop the price towards $1.88, the prior low level, reaching the $1.80 lower support mark, signaling a potential sell signal for interested traders.

EURNZD Market
Key Levels:
Resistance levels: $2.05, $2.06, $2.07
Support levels:    $1.88, $1.87, $1.86

EURNZD Long-term Trend: Bearish (Daily Chart)

The EURNZD sellers may continue to gain strength over the market as it remains trending below the supply levels, indicating a bearish momentum on the higher time frame.
Its recent bearishness has been influenced by bears’ pressure at the $2.02 support level in the previous session.

The EURNZD daily chart opens today with a bearish candle at the $2.01 support level below the EMA-50, implying a sell trade.

Thus, a possible breakdown from the current low may accelerate the selling momentum and drop the pair price further to the prior support at $1.88, as it approaches the anticipated target at the lower support area.

Additionally, the underlying sentiment suggests a downward trend in the coming days, as indicated by the daily stochastic pointing downwards.

Given this, sellers may push the price of EURNZD down to a $1.80 lower support level in the long-term forecast.

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

In the medium term, prices of EURNZD are below the moving averages and have confirmed a bearish momentum.
The bearish impact on the pair at $2.02 during the last action has contributed to its recent sell trade setup.

Today’s 4-hourly chart at the $2.01 support level below the EMA-50 indicates that the EURNZD pair is in a downward momentum and a sell trade.

A critical support level is approaching for the pair price. The currency pair may fall much further to the $2.00 prior support if the bears can push harder, suggesting that the bearish trend may continue.

Notably, the stochastic oscillator signals a low trend by pointing downwards, suggesting the bearish rally may continue and set the stage for a potential drop to the $1.80 lower support level before the bulls take over in the medium-term perspective.

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