The large scale situation on the EUR/NZD pair has not changed. However, there has been one notable development, as the pair has formed a new medium term channel down pattern.
The channel has guided the pair down to touch the 1.68 mark, and the decline is likely going to continue. The reason for that is the fact that the pair has passed a strong support cluster from the 1.6930 to 1.6870 levels.
As that cluster has been passed, the next notable support level is located below the 1.67 mark, where a long term 61.80% Fibonacci retracement level is located at.
