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EURNZD – Buying into dips looking for a reversal pattern

Monthly – Bearish bias inside the triangle formation
Weekly – Bearish bias with an Evening Doji Star close to 61.8% (Marabuzo resistance at 1.7085)
Intraday – Reverse Head and Shoulders forming. We look to buy into dips

We look to buy at 1.6860
Stop 1.6800
Target 1.7150 (4:83 reward to risk)

The Euro-zone Sentix investor confidence index weakened to -5.8 for July from -3.3 previously which was below consensus forecasts and the weakest reading since November 2014, maintaining Euro-zone growth concerns. Trading activity was subdued ahead of the New York open, as is often the case on the Monday following a US employment report.
ECB member Coeure stated that the central bank could restart the quantitative easing policy if needed, although it is difficult to see what that would achieve given extremely low bond yields in Germany and other Euro-zone countries.
The US June employment trends survey declined to 109.5 from a revised 111.2 previously, but data had little impact. The dollar overall gained net support from reduced expectations of aggressive Federal Reserve easing and yield differentials between the Euro and dollar widened slightly in the US currency’s favour. In this environment, the Euro was unable to gain any traction and retreated towards the 1.1200 area with a mixed Euro trend on the crosses.
The US currency maintained a firm tone into the New York close with the dollar index at fresh 2-week highs as commodity currencies edged lower, although EUR/USD held just above 1.1200 with tight ranges prevailing.
There was a sharp decline in long US dollar positions according to the latest weekly data, lessening the risk of further liquidation. The dollar held firm on Tuesday with EUR/USD only just above 1.1200 as tight ranges persisted.