This idea stems mainly from a technical analysis on the pair. Given the EUR is still (fundamentally) relatively bullish against most other currencies, the recent down move in EURNZD could be considered as a retrace before another leg up.
Technically, we are at the intersection of two trend supports and a demand zone. This pair had broken under one of the trend supports; however, it has corrected itself and is back above the trend support and thus in bullish territory. The bullish outlook on this pair will disappear if we break under 1.56 level thus making it a very important supporting level.
Should we break under 1.56 level, the pair might head down to 1.54 1.51 and 1.46. Should we hold this level, the pair will likely reach 1.68
Safe and Successful Trading.
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At daily lower BB - Good long entry point.
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Broke under and successfully retested. Good to short