On daily chart of EURNZD, the price is correcting last declines. It can be noted that quotes have tested a psychological support level of 1,5200. We can see a bullish engulfing formation on the chart, which increases the probability of continuation of the upward trend. It is worth looking on a lower time interval chart.

On the H4 chart, the advantage of the bulls is noticeable. The price broke the upper edge of flag formation and for a longer period of time it was above the aforementioned layout. The new peak on the graph is likely to lead to further increases. Resistance would be around the 1,500 level. Strong support is a psychological level of 1,5200.

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