EUR/NZD fails at the 1.7100 key level amid ECB conference.

ECB says inflation projected to grow until 2020.
EURNZD rejects the 1.710 key level.

Flavio Tosti Independent Analyst

EUR/NZD daily chart

ECB says underlying inflation remains subdued, yet to show convincing signs of a sustained upward trend. He went further saying: inflation is expected at 1.4% in 2018, 1.4% in 2019 and 1.7% in 2020.Compared to the previous forecasts, the outlook has been revised down slightly for 2019, the rest unchanged.

The price action of the EUR/NZD is now Euro driven. The bull made an attempt to break the 1.7000 key level but are now retreating, the price being rejected at the 1.7120 R2 pivot and trading and finding support at the 1.7078, R1 pivot. Next support is seen at 1.7040 with the daily pivot and the 100 and 200 SMA.

EUR/NZD 15-minutes chart

Author

Flavio Tosti

Independent Analyst

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