Can see long position holders taking profit at an extension level at around 1.74 for this pair.
3 core primary risk event for EUR:
2. Next UK PM sentiment for Brexit
3. Next ECB replacement (of the 4 likely candidates, 2 hawkisk and 2 dovish)
Technicals is one thing - market consensus another - the goal of is to identify key prices in line of market expectations. Key to any NZD crosses is risk sentiment. If market off risk = NZD and vice versa
I'm still net outlook for this pair and looking for entry for a short as jumps from Flash PMI gets exhausted
Needs to be noted that RBA speech Monday will likely have what I call 'peripheral drag' to the Kiwi. Market would be looking for further validation of forward guidance of RBA rate cuts from Lowe's speech. A short term revival of residential sales and listings and up tick in housing would prove to be a potential boon for the economy. However structural constraints of stagnant wage growth could still weigh on consumer spending until the cuts are made and fiscal policy (tax cuts and government support to first home buyers) start to kick in towards end of 2019.