EUR/NZD is trading in the green at the time of writing at 1.6701 level below 1.6705 static resistance. It stands below a strong resistance area, making a valid breakout could bring new long opportunities.
Euro is strong also after the German PPI registered a 1.5% growth versus 0.8% expected and after a 1.9% growth in the previous reporting period. New Zealand is to release the Westpac Consumer Sentiment in the morning. Worse than expected data could boost the pair.
EUR/NZD Technical Analysis!
NZD/USD seems determined to pressure the ascending pitchfork’s median line again. Registering a valid breakout through the 1.6705, above the weekly R1 (1.6721), and above the median line could validate a further upside continuation.
Technically, the price action signaled that the downside movement is complete and that the pair could turn to the upside.
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