EURNZD may signal a false breakdown.

The EURNZD found support at a long term 88.6% Fibonacci retracement which the pair has rallied from the last couple sessions. Previous support was at the 1.7150 level in July and a decisive break back above the 1.7200 level may signal a move back towards the 200dma near the 1.7725 level. RSI is trending higher and was divergent the last couple weeks warning traders of a possible bounce.