EURNZD Chart Technical Outlook hesitates above 1,8000 ahead of the ECB meeting
The EUR/NZD is on a positive trend against the Kiwi, although bullish momentum has eased with all eyes on the ECB meeting due later today. Immediate resistance is at 1.8060, ahead of 1.8140. Supports are 1.7930 and 1.7770.
The bank is expected to keep interest rates unchanged but it might open the door for another rate cut in September. Futures markets are pricing two more rate cuts this year, with September and December as the most likely dates.
Data from New Zealand showed on Wednesday that inflation remains sticky, due to the positive contribution of rents and construction costs. This might prompt the RBNZ to adopt a more hawkish rhetoric to support the pair.
