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Supports: 1.5283; 1.5247; 1.5143
Outlook
Bullish short-term trend that was started on July 22th has ended, when EUR/NZD currency pair touched 20-day SMA at 1.5410. Currently bearish reaction is likely to extend, being a continuation of a downward trend that began at the end of May. In addition, RSI indicator went out of the over-sold zone and now shows neutral signal and this supports the view that the pair is bearish. As for now, EUR/NZD is heading towards a support level at 1.5283 (Weekly PP). However, being that the impetus is fairly strong, it may last until the next support level at 1.5247 (Lower Bollinger Band) is reached, which may then become a reversal point for the short-term trend. On the other hand, resistances are at 1.5471, 1.5561 and 1.5645 and seem to be able to contain rallies for now.
Traders sentiment
Despite medium-term bearish movement, majority of the traders at SWFX market believe that the single European currency will appreciate against New Zealand Dollar, because 73% of all traders hold long positions on EUR/NZD currency pair. However, the situation with orders is quite different, as 57% of traders ordered to sell EUR/NZD currency pair, therefore supporting medium-term movement downwards.