The EURNZD tries to recover today the losses seen last week, since it manages to hold above the low of the day at 1.6274. This upwards tick has been forced from Eurozone Aug HICP inflation this morning which confirmed at 1.5% y/y, up from 1.3% y/y in the previous month and in line with the preliminary number. Core inflation was confirmed at 1.2% y/y, unchanged from July.
The EURNZD has been formed in the 4-hour chart today a morning star formation , suggesting that pair is likely to see a small recovery within the day. In the 1-hour chart, pair broke the 20-period MA and continues moving northwards breaking the 50-period MA as well. Hence once the 20-period MA broke, we entered Long in the 1-hour chart at 1.6371, with Stochastic looking positive in both hourly and 4-hour charts. The RSI is at 57 sloping up. A single Target was set at 20-period MA at 1.6453, despite the fact that this level is above 61.8 Fibonacci Level. Support is at 1.6320.
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