EUR/NZD Pair Analysis and Possible Scenarios

The EUR/NZD pair is moving in a downtrend on the 4-hour timeframe.

This follows a breakout of the uptrends on the same timeframe.

Supply zones are forming, indicating sellers' control in the short and medium term.

Currently, the EUR/NZD pair has reached important supply zones 

on the 4-hour timeframe, which correspond to a downward sub-trend, 

making it an important cluster from which we are expected to see

 the pair decline again, reaching the gray demand zones at 1.9593.

Another Scenario

If the supply zones are broken and the pair closes above the downtrend, 

this could push the pair upwards, reaching the daily supply zones

 and the overlapping supply zones located near 1.9858.

The most likely scenario is for the pair to decline, 

and selling is possible if any sell signals appear.