EUR/NZD Close to Support

As seen on the chart, EUR/NZD's price is currently sitting back at the 1.57000 support. We also have the ascending trendline close to price. We are watching this pair to see whether price gets rejected back by bullish buying momentum or breaks through by bearish sentiment. Today's candle doesn't indicate a rejection from support however, has held above. We will continue to watch the daily candle closes within his pair.

In order for bullish trend to continue, price needs to bounce off 1.56 level. Major bull target is seen at 1.63 which is the upper trendline in the long-term ascending channel.

On the other hand, if price breaks key level 1.56, we might be in for bearish continuation and potential major bear target at 1.47.

No news are scheduled for today for either pair which could mean that we are in for a calm day with low volatility and technical trading.

Chart: EUR/NZD D1