Chapter 33 EURONZD reset to keep the downtrend
2/12/2022
Summary
Eurozone PMI drives the market
Fundamental analysis
It's the weekend And on Monday and Tuesday, we have coming news in the eurozone Global Services PMI with the same expectation as the previous month at 48.6 And retail sales with negative expectations For the euro On the other hand We don't have any significant news on New Zealand so the New Zealand dollar will remain strong as it is the past few weeks
Eurozone Service Final PMI (Nov)
Previous 48.6
Expectation 48.6
Eurozone Retail Sales MoM
Previous 0.4%
Expectation -1.7%
Eurozone IHS Markit Construction PMI
Previous 44.9
Expectation —------
Technical analysis
We see in the 4H diagram chart Market price now is 1.64388 We expect the market to pull up to the previous supply zone at 1.66966 To create a new lower high at the trend line And that market will continue the downtrend to the last zone demand at 1.64152 With 20 moving average pointing down as we can see in that chart.
