This new junior pattern has guided the currency pair down for a breakout of the lower boundary of the dominant channel at 1.6864.
Although the pair is currently stranded between SMAs, but two scenarios are possible. First, the EUR/NZD pair could move past the support of the 200– hour . This decline might be stopped by a support cluster near 1.6805. Second, the exchange rate might reverse to test the upper boundary of the junior pattern.
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