EURNZD Be careful continuing to short EN here, we are at critical levels with no much structure built on the way down, the potential for a short squeeze is high.
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EURNZD EUR/NZD pair, the ECB’s decision to cut rates and provide a cautious economic outlook during the press conference is likely to put downward pressure on the euro. This dovish stance makes the euro less attractive, especially against a currency like the New Zealand dollar (NZD), which is often supported by higher interest rates and a commodity-based economy.
The NZD could strengthen further in this scenario, as New Zealand has been benefiting from higher demand for its exports. Combined with the ECB's rate cut, EUR/NZD may see a bearish trend, with the pair likely declining in the short term as traders adjust their positions based on these economic fundamentals.