EUR/NZD forecast for November 10, 2020

The variety of freshly infected coronavirus cases in New Zealand is under control and at a low level. However, in the last 2 months, the recently contaminated corona is slowly growing, and the curve is pointing upwards

Europes largest economy is going through a second blockade, but the financial impact needs to be less than the very first blockade in March and April. In the middle of a tangled background of infections across Europe, and the ECB should be more eased next month.

It might likewise verbally step in if required, it may not be simple to profit in euros unless the New Zealand dollar starts to deteriorate materially.

If we look at the annual chart of the EUR/NZD set, we will see a huge dive in the first 3 and a half months of nearly 20% from 1.66000 to 1.99100. After that, we see a pullback of 78.2% to todays price of 1.73220, which is only 4.5% more than the price from the start of the year.

When we underline the pattern line with low from the start of the line, we will see that the EUR/NZD pair is presently on it, which must suggest that there is a probability that it will bounce and go up. The financial calendar consists of the German ZEV Economic Sentiment for November, which ought to reveal a worsening of trust from todays news.

The current interest rate is 0.25%. If it remains at the exact same level, it is likewise essential to listen to the authorities of the Reserve Bank of New Zealand about the next actions, possible stimuli, aid packages to the economy to get rid of the effects of coronavirus.

Tonight we have vital news for the New Zealand dollar, which is that the New Zealand Reserve Bank will provide its position on whether the rate of interest will stay at the very same level or will be a modification.

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The number of newly contaminated coronavirus cases in New Zealand is under control and at a low level. In the last two months, the newly infected corona is slowly growing, and the curve is pointing upwards

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