EURNZD Chart Technical Outlook looking for support at the 1.7950 area, approaching oversold levels
Thursday’s dovish hike by the ECB has hammered the Euro across the board, pushing the EUR/NZD to the bottom of the corrective channel from August highs, ar 1.7950.
Beyond that, the positive data from China, with industrial production and retail sales data beating expectations is fuelling demand for the NZD, increasing negative pressure on the euro.
Technical indicators remain bearish although the oversold levels in some timeframes might allow for some recovery. Support levels are 1.7920 and 1.7700. Resistances are 1.8080 and 1.8245.
