Especially from 20th January, EURNZD dropped almost 5.75% from the recent highs of 1.7273 to the current 1.6275, current prices have slid below 7 & 21DMA.
Although intraday sentiments have been slightly , emphasizing ore on short term trend of this pair, it has failed to hold onto the previous rallies and broken crucial supports at 1.6511 levels, today again shows little strength at 1.6162 levels, if it doesn't manage to hold these current levels then that it would again be projected as failures in upswings and may head towards more price declines since various indications even on monthly plotting.
On a broader perspective, It had broken crucial supports at 1.7068 levels during October in last year, it is now acting that as a stiff resistance, we've seen failure swings at this juncture from last two months (see yellow coloured circle on monthly chart).
The convergence of leading oscillator ( ) to sideway to slightly downward trend has been observed when prices were rallying at peaks no convincing momentum is seen, instead volumes were raising on price declines, this would be also treated as the upswings were losing momentum while selling interest is seen in this pair.
In addition to that %D line crossover on slow above 80 levels on monthly charts which is again an overbought region. Thus, we look ahead at price to test the support at 1.50 areas.
Overall, the trend for this pair is moving in sideways to slightly being biased, the aggressive speculators can build trades with the spreads using one touch EURNZD vega binary put options which are constant time and barrier levels. Usually, such binary options for every change in 1 pip the relative change in option price 0.01% or even exponential at high implied times (1W ATM IVs of this pair is more than 22%).