The New Zealand dollar is falling down against euro during last 5 weeks. Right now, the pair is approaching the resistance level.
Fundamentally next week the most interesting news is published in Eurozone. On Tuesday CPI is published. The forecast is +1,4%. Retail sales are published on Wednesday. Consumption in eurozone is around zero level and economists are expecting that it will be negative.
On Thursday the European central bank is taking the decision about the interest rate. With high probability the interest rate will remain stable – 0%.
Technical analysis
EUR/NZD is rising and the trend line is heading up. The pair is trying to break 50% level 1,71103. Next resistance level is 1,73034 (61,8% Fibo correction). Right now, we see two possible options:
1. EUR will reach the resistance level.
2. We are going to see the correction but only if the pair breaks the trend line down. In this case the support is 1,69172.
Indicators: Williams %R is in overbought zone. MACD lines are moving up, confirming the bullish trend. The same way Parabolic SAR is moving.
Summary: if you are still holding long positions in euro – it is better to think of closing them next to 1,73034.
Fundamentally next week the most interesting news is published in Eurozone. On Tuesday CPI is published. The forecast is +1,4%. Retail sales are published on Wednesday. Consumption in eurozone is around zero level and economists are expecting that it will be negative.
On Thursday the European central bank is taking the decision about the interest rate. With high probability the interest rate will remain stable – 0%.
Technical analysis
EUR/NZD is rising and the trend line is heading up. The pair is trying to break 50% level 1,71103. Next resistance level is 1,73034 (61,8% Fibo correction). Right now, we see two possible options:
1. EUR will reach the resistance level.
2. We are going to see the correction but only if the pair breaks the trend line down. In this case the support is 1,69172.
Indicators: Williams %R is in overbought zone. MACD lines are moving up, confirming the bullish trend. The same way Parabolic SAR is moving.
Summary: if you are still holding long positions in euro – it is better to think of closing them next to 1,73034.