A full review was made for the EUR/NZD pair, due to previously drawn pattern being broken. The currency pair was moving north until it was stopped by a resistance cluster set by the weekly and monthly pivot points near the 1.7125 area.
A new junior pattern has been mapped to monitor the price movement. At the time of this analysis, the exchange rate was stranded between SMAs. The 55– hour simple moving average was pressuring the pair south while the 100– and 200– hour SMAs at 1.6906 supported the rate.
Everything being equal, it is likely that the Euro could be moving downward to test the lower boundary of a medium-term ascending channel.
