The situation on the daily chart of the EUR/NZD pair is starting to look interesting. Looking at the daily chart , one can see that the last few days have brought a correction of earlier declines. The correction movement reaches about 50% of the previous downward range, and the price oscillates in the area of resistance, which consists for example of the earlier low from the beginning of June. Yesterday’s session started with strong increases and sudden falls, which are related to the night-time speech of the head of the New Zealand Central Bank.
The chart shows that the upward trend line has been broken and that a strong supply impulse, which is now being corrected, may lead to a further downward movement. It seems that the problem of the European currency may be the issue of politics. We are referring here to the result of the Greek elections, but above all to media reports that there may be problems with the European Parliament accepting the earlier division of the most important positions in the European Union.
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