EURNZD: Well positioned again for another bearish move

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EURNZD: Well positioned again for another bearish move

From our previous analysis of EURNZD, the price has transformed the picture to bullish and now it has changed back to bearish.

The pattern is strong and bearish, the main problem lies in NZD. It has been very weak for a long time without any clear reason. I can’t say that the GDP data is good, but we have seen many countries with bad economic indicators and their currencies are strong.

Simply put, we are not at a clear moment. The pattern is bearish, but NZD is still very weak. However, we cannot ignore the chart that shows a downward movement, however it may develop later.

You may find more details in the chart!
Thank you and Good Luck!

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