EUR/NZD Technical Analysis
- Bears are retesting M H3 level
- The market is bearish
- Below M H3 the target is M L3
- Selling the rallies continues
- Order block support
- Trendline swing high
- Bearish rejection
The market is still bearish. The RBNZ is happy to see high inflation and good employment. Additionally, the RBNZ has the highest cash rate among all major central banks and they will probably increase rates further. This is all bullish for the NZD. The EUR/NZD is set to drop below 1.5305 and could possibly retest 1.6130 again. Below 1.6130 we should see 1.5903 as the main target.
For a look at all of today’s economic events, check out our economic calendar.
Cheers and safe trading,