FX News

NZD/EUR Conversion:

The Euro (EUR) recovered late Friday against the New Zealand Dollar (NZD) coming off 1.5970 (0.6260) areas to claw back losses to 1.6240 (0.6160). Monday’s action saw the Euro extend out to 1.6350 (0.6120) before falling back towards 1.6220 (0.6165) early Tuesday. Despite the recent splurge we see setbacks in the Euro accelerating further – eventually surpassing 0.6290 (1.5890) resistance as the situation worsens in the Eurozone. I dare say those selling EUR may want to consider at these levels. Looking ahead we have German CPI y/y Wednesday which is predicted to print around the 9.0% area and drag the Euro lower.

Current Level: 0.6148 (1.6265)
Resistance: 0.6265 (1.6340)
Support: 0.6120 (1.5960)
Last WeeKs Range: 0.6150-0.6280 (1.5922-1.6261)

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