EUR/NZD: Possible bullish continuation

The Euro versus the New Zealand Dollar has had a very good uptrend since the 55 day exponential moving average (purple line) crossed above the 200 day exponential moving average (blue line). The separation between those two moving averages is telling us that the bullish trend may continue and even though yesterday’s daily candle formed a “Shooting Star” pattern, today’s candle has been bullish invalidating the “Shooting Star” pattern. The high at the 1.7075 level could act as resistance and to the downside we cannot be so sure about a bearish correction until the price breaks below the bullish trendline. However, if the price decides to drop, the 55 EMA around the 1.6381 could act as an initial support.