EUR/NZD Uptrend

The EUR/NZD exchange rate has been seeing massive support over the past couple of weeks. The currency pair appreciated from a low of 1.6700 to today's highest high at 1.7180. Main trend on the medium term is strongly bullish with a low of 1.4550 and long term trend remains in consolidation spanned from 1.4550 to 1.7480.

On the short term scale, we could see the pair go to the resistance level at 1.74 where bears could attempt to bring it down and keep it under the resistance line that could validate the down trend move started in september 2015.

On the other hand, if bulls are able to win the fight, EUR/NZD could break the 1.74 mark and eye the next level of resistance at 1.76.

Chart: EUR/NZD D1