EUR/NZD Price & Performance (EURNZD)

The Reserve Bank of New Zealand has implemented a 50 basis point rate cut, reducing the benchmark interest rate to 3.75%. This dovish move signals potential further rate easing, which has exerted downward pressure on the New Zealand dollar. The EUR/NZD pair is benefiting from this policy divergence.12

Trader sentiment on EURNZD reveals a disparity, with 81% of traders holding short positions while only 19% are long. This imbalance reflects caution as the pair approaches key technical levels, including the 50% Fibonacci retracement, which could determine short-term price direction.34

The EUR/NZD pair has shown strong bullish momentum, breaking past the middle Bollinger Band and nearing the upper band. Testing the 50% Fibonacci retracement level, traders are eyeing the 1.9300 price target. These technical signals suggest further gains may be in store for the pair.15