EURNZD may break higher.

The EURNZD has spent most of the month of March consolidating in a very tight range and pullbacks have been shallow despite the move higher in “risk” the last several weeks. This could lead to a move higher in the coming days as the pair has held the 61.8% Fibonacci retracement of the last 30 day range at 1.6485 and broken descending trend line. A move above the 1.6750 level and 50dma would target back above 1.7100 towards the 50% retracement level.