EUR/NZD Moves Down

The EUR/NZD pair reached a new high today at 1.7375 and a few moments later it was taken over by the bearish camp. The exchange rate is now trading slightly below 1.7300 and it seems that after the long bullish run a bearish correction is at hand.

The pair moved strongly to the upside in the past two weeks, in mid June it was trading at 1.6600 and had only two days in the red up until today.

It is worth noting that indicators signal the bullish run still has fuel in it as we are above the 200SMA and MACD continues to remain bullish.

A short correction, however, could be healthy for the progressive and steady move to the upside.

Chart: EUR/NZD D1