Trade: Long EUR/NZD

FX:EURNZD   Euro / New Zealand Dollar
I have entered long on the EUR/NZD @ 1.6905 with a stop loss @ 1.6680 on the daily break out of the descending trend line . At this moment I do not have a target except the last swing high of 1.8 but would consider exiting this trade when / if euro hit 1.400 against the dollar as there may be pressure on the euro at this price.

Fundamentally I expect the EUR to stay supported against the USD on the dampening sentiment for the number of FED rate hikes in 2016 and also Euro safe haven flows.

I expect the NZD to stay pressured with the RBNZ possibly cutting rates at their next meeting on 10-03-2016.

The risk to this trade will be euro intervention at any Draghi speeches, although none are planned over the next few weeks.
Trade closed manually: I closed this trade out manually when the price completely retraced the gains the day before on 10-02-2015 for a 15 pip loss.


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