EUR/NZD is still traveling higher, supported by a steep upwards moving trendline drawn from the low of the 16th of June. The pair continues to look quite strong, but we should not exclude the possibility for a correction to the downside, before EUR/NZD decides to make another run to the upside. Overall, we are still bullish on the pair in the short term.
For now, EUR/NZD found its resistance at around the 1.7380 zone. Further advance above that zone could send the pair to test the 1.7480 level, marked by the peak of December 2017. That said, a correction to the downside could be a reality and the pair could drop towards the 1.7295 level, a break of which, could the door to the downside for a possible test of the 1.7180 area or even the aforementioned upwards moving trendline, from where the bulls could take the reins again.
Alternatively, if the break of that trendline happens, then this could lead to a change in the short-term trend, which may lead EUR/NZD to test the 1.7115 level initially, the break of which could set the stage for the 1.6965 zone, marked by low of the 28th of June.
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