💰Take Profit 1 - 1.7931
💰Take Profit 2 - 1.7881
💰Take Profit 3 - 1.7831
❌ Stop loss - 1.8111
Technical analysis:
The EURNZD pair is currently in a bearish trend, and it is currently trading near the top of its range. The current spot rate is 1.8011, and a sell entry point of 1.8011 is just below the recent high of 1.8111.
The pair is also trading below its 200-day moving average, which is a bearish signal. The pair is also forming a descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The euro is generally seen as a riskier currency than the New Zealand dollar, and it has been weakening against the New Zealand dollar as concerns about the global economy have grown.
Second, the European Central Bank (ECB) is expected to raise interest rates more slowly than the Reserve Bank of New Zealand (RBNZ), which could put downward pressure on the EUR against the NZD.
Finally, the European economy is expected to grow more slowly than the New Zealand economy in the near term. This is due to a number of factors, including the ongoing war in Ukraine and the energy crisis.
Risks:
There are a few risks to consider before entering a trade on EURNZD. First, the global economy could improve, which could lead to a rise in EURNZD.
Second, the RBNZ could raise interest rates more quickly than expected, which could also put upward pressure on the EURNZD.
Finally, the Chinese economy could recover more quickly than expected, which could also put upward pressure on the EURNZD.
💰Take Profit 2 - 1.7881
💰Take Profit 3 - 1.7831
❌ Stop loss - 1.8111
Technical analysis:
The EURNZD pair is currently in a bearish trend, and it is currently trading near the top of its range. The current spot rate is 1.8011, and a sell entry point of 1.8011 is just below the recent high of 1.8111.
The pair is also trading below its 200-day moving average, which is a bearish signal. The pair is also forming a descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The euro is generally seen as a riskier currency than the New Zealand dollar, and it has been weakening against the New Zealand dollar as concerns about the global economy have grown.
Second, the European Central Bank (ECB) is expected to raise interest rates more slowly than the Reserve Bank of New Zealand (RBNZ), which could put downward pressure on the EUR against the NZD.
Finally, the European economy is expected to grow more slowly than the New Zealand economy in the near term. This is due to a number of factors, including the ongoing war in Ukraine and the energy crisis.
Risks:
There are a few risks to consider before entering a trade on EURNZD. First, the global economy could improve, which could lead to a rise in EURNZD.
Second, the RBNZ could raise interest rates more quickly than expected, which could also put upward pressure on the EURNZD.
Finally, the Chinese economy could recover more quickly than expected, which could also put upward pressure on the EURNZD.