EUR/NZD break point for lower to target first 1.7047 then 1.6958 is located at 1.7127. A break lower at 1.7210 then comes the challenge to the 1.7127 break point. EUR/NZD rallies are targeted and meant to be sold especially at 1.7409 factored from the 1.7332 close.
The driver to lower EUR/NZD is deeply oversold NZD/USD. NZD/USD’s main break point for higher prices is located at 0.6852 and 0.6778. Higher above 0.6852 and the target location is 0.6963. NZD/USD break point at 0.6852 coincides to EUR/NZD at 1.7127 break and 1.7047 as first target. EUR/NZD at 1.6958 coincides to NZD/USD 0.6963. Over weeks and months,
Overall NZD/USD higher potential is quite astounding at 400 pips to the 0.6963 location but this is where NZD/USD targets and this is where its going. While EUR/NZD targets lower and sell rallies on a short only strategy, NZD/USD targets higher and buy drops on a long only strategy.
For the week, EUR/NZD targets lower at 1.7240 and caution at the main shortest break point at 1.7210. NZD/USD from its 0.6568 close targets first 0.6705 then 0.6778.