New Zealand euro and forecasts for the coming period

Analysis of the New Zealand euro at the economic level

The New Zealand euro pair retreated during today's trading on Monday, in light of the scarcity of economic data today from New Zealand and the eurozone, only we will have a meeting of the Eurogroup.

Analysis of the New Zealand euro at the technical level

The New Zealand euro pair is now trading inside a bearish price channel on the hourly frame, as the pair is trying to reach the lower limit of this channel, from which the pair will then have completed the extended shark pattern near the levels of 1.8787, which also corresponds to the lower limit of the descending wedge on the 4-hour time frame, at which time we target the levels of 1.8980 and then the upper limit of the descending wedge at the levels of 1.9030 and around.

But currently, the pair has almost formed a shark model, which may push it for some upward corrections near the levels of 1.8930 and then 1.8980 before returning to the downside and completing the extended shark harmonic model at 1.8787.

This scenario fails if the falling wedge levels are broken downwards.