False breakdown EURNZD.

The EURNZD put in a false breakdown below the channel and the horizontal support (61.8% Fibonacci retracement) at the 1.6850 level. This false breakdown more than likely trapped NZD longs and the risk is now for the NZD to underperform the EUR. A move back above the 1.7000 level could trigger a move to new trend highs at 1.7126 and the 1.7000 level is the 200dma as well.