The price of the EURNZD pair has found itself in an interesting place. It is now actually in the middle of a fairly narrow range between support at 1.7460 and resistance at 1.7570. A break in either direction can determine the future direction of this pair. From September 12, there is a downward trend, during which bulls, however, also are active.
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On Friday there was a break of support at 1.7570, which will now act as a resistance. To be able to talk about the continuation of declines, the supply must push the price below 1.7460, which is currently the key level on this pair. If this happens, the way to depreciation will open up to around 1.7230, where there is another important support.
If bulls return to the game, they must first beat 1.7570. Then, after a successful retest, the price can reach even around 1.7810, where the peak from the first half of September is located. Bears, however, can only be enough strong to attack around 1.7720, where the price turned back on September 25.
