From TradingView · · 50s
EURNZD Rally Vulnerable
EURNZD faces bearish pressure as NZD inflation weakens and EUR lacks bullish catalyst.
In brief
EURNZD faces bearish pressure as NZD inflation weakens and EUR lacks bullish catalyst. EURNZD remains biased downward due to weak NZD inflation and lack of EUR bullish catalyst. Originally reported by TradingView.
EURNZD remains biased downward
EURNZD remains biased to the downside as neither fundamental backdrop nor current price structure provides evidence for sustainable bullish reversal.
New Zealand CPI below expectations
New Zealand CPI came in below expectations creating short-term pressure on the nzd.
Elevated inflation persists
Inflation remains elevated so expectations for the rbnz to maintain a relatively hawkish stance have not changed significantly.
EUR lacks bullish catalyst
The euro still lacks a clear bullish catalyst with fiscal concerns and european bond market pressure weighing on sentiment.
Key resistance zone
The 1.9880, 1.9930 area remains the key resistance zone supported by descending trendline and ichimoku structure.
The one thing
EURNZD remains biased downward due to weak NZD inflation and lack of EUR bullish catalyst.
