EUR/NZD Touches Support

EUR/NZD has been trading to the downside for the past couple of weeks. The pair reached a low of 1.6890 from a high of 1.7480. Main trend on the short-term remains bearish until we can get a strong support reaction from market participants at current market price.

The trend has halted for now until we see if the support would be strong enough and turn the trend to the upside. So far the bulls are managing to withstand the blows of the bears and the price has fluctuated between 1.6940 and 1.6890.

If we get below 1.6890 and see a close then this would be a strong indicator that price has breached support and is ready to continue to the downside. For the moment, however, it is best to wait it out and see what price does before taking any positions.

Chart: EUR/NZD H4