EURNZD Eyes 1.99 — Technical & Fundamental Bulls AlignedToday, I want to analyze EURNZD ( OANDA:EURNZD ) for you, which is in good shape both technically and fundamentally .
Please stay with me.
EURNZD is moving close to the Support zone(1.88750 NZD-1.7970 NZD) and 100_SMA(Daily) and has managed to form a Double Bottom Pattern .
From the perspective of Elliott Wave theory , EURNZD seems to have completed the main wave 4 , and we should wait for the main wave 5 . The main wave 5 could complete at the Heavy Resistance zone(2.120 NZD-1.9927 NZD) .
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EURNZD – Fundamental Analysis:
The EURNZD pair currently reflects a divergence between two very different economic outlooks.
Eurozone (EUR):
The European Central Bank (ECB) has recently begun cutting interest rates to support slowing economic activity, especially in the industrial and manufacturing sectors. Despite this dovish shift, inflation remains relatively under control, and the euro has held up well against riskier currencies thanks to global uncertainty and safe-haven flows.
New Zealand (NZD):
New Zealand's economy is under pressure. The latest GDP figures confirmed a weak growth outlook, and signs of a technical recession are mounting. While the Reserve Bank of New Zealand (RBNZ) has maintained a relatively hawkish tone, it faces a dilemma: inflation is sticky, but domestic demand and housing remain fragile. The RBNZ may be forced to soften its stance sooner than expected.
Outlook:
This fundamental backdrop supports a bullish bias for EURNZD. The euro’s relative stability versus the increasingly vulnerable New Zealand dollar makes this pair attractive for long positions — especially if upcoming NZ data disappoints or global risk sentiment weakens further.
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Based on the above explanation, I expect EURNZD to rise to at least 1.9917 NZD .
Note: Stop Loss(SL): 1.8779 NZD
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Euro/New Zealand Dollar Analyze (EURNZD), Daily time frame.
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