EURNZD – The price of the Euro in tandem with the New Zealand dollar was once again in the vicinity of the resistance at 1.7810. For a week it has been repeatedly breached, once from the top, once from below. You may wonder if you should still treat it as a working level. It is difficult to designate any other, however, when the price has not been in this area for years. During yesterday’s drop, EURNZD rebounded from the previous low at 1.7725.
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This level can be treated as new, local support. In the case of further increases, the goal for bulls should be the vicinity of a round level of 1.80. In the past, the price repeatedly had a problem with the permanent breaking of this barrier, for the last time in August 2015. In the case of a reversal of the upward trend and breakthrough of the last low, the target for supply will be around support at 1.7570. This level has been respected by the price several times in the past.