Although the Euro (EUR) is still struggling greatly over most currency crosses this is not so against the New Zealand Dollar (NZD), the kiwi hit hard by the recent bout of “risk off” moves taking the pair to 0.5945 (1.6820) this morning the EUR extending its bull run over recent weeks all the way back to early July levels. Looking ahead we have French and German manufacturing data to print Friday with industry expansion predicted to be soft potentially putting the EUR under pressure. The Euro still looks overbought to us given global risk factors in play; we still believe 0.5930 (1.6860) support will hold over the week.
Current Level: 0.5943 (1.6826)
Resistance: 0.6030 (1.6970)
Support: 0.5890 (1.6580)
Last Weeks Range: 0.5892-0.6038 (1.6560-1.6970)