EURNZD Chart Technical Outlook bouncing up from the channel bottom, bulls aiming for 1.8080
The Euro bounced up on Wednesday from 1.7900, with the impact of the upbeat New Zealand GDP having a limited impact on the pair as the risk-averse mood following Fed’s hawkish pause has hurt the New Zealand Dollar more than the Euro.
Today I expect sideways trading as the negative sentiment will weigh on euro bulls with the Eurozone consumer confidence data and ECB Lagarde;’s speech due later today, highly unlikely to provide any significant support to the Euro.
From a wider perspective, the pair remains trading within a downward-trending channel from August, with the central line of the channel, at 1.8030 and 1.8080 are the nearest resistance levels. On the downside, supports are at 1.7900 and 1.7700.