EURNZD (1H) - short term bullish bias
The pair has found support above the psychological level of 1.6600 and the low point from last July (1.6550). The week-long choppy sideways action is typical of a consolidation phase during a downtrend. On the hourly chart, the most recent support can be found at 1.6650 after a break above the immediate resistance of 1.6700. We would expect the euro to rally towards 1.6800, and the moving averages will act as key support to attract more buyers.
Key support: 1.6700
Key resistance: 1.6800
The pair has found support above the psychological level of 1.6600 and the low point from last July (1.6550). The week-long choppy sideways action is typical of a consolidation phase during a downtrend. On the hourly chart, the most recent support can be found at 1.6650 after a break above the immediate resistance of 1.6700. We would expect the euro to rally towards 1.6800, and the moving averages will act as key support to attract more buyers.
Key support: 1.6700
Key resistance: 1.6800