EURNZD,a Long entry setup, Swing Trade.

📣📈 Recently news about NZD:
The New Zealand central central bank held benchmark rates at a 15-year high, as expected. However, the accompanying statement was less hawkish than anticipated. The RBNZ stated that policy needs to remain restrictive to ensure inflation returns to its 1%-3% target, echoing the global higher-for-longer narrative. However, it stopped short of suggesting further increases were on the table.

The diverging economic growth and monetary policy outlooks between the US and New Zealand suggest that any upside in NZD/USD could be limited. In recent months, the growth outlook in New Zealand has deteriorated compared to a material improvement in US economic growth expectations. Additionally, the US Federal Reserve has left the door open for one more rate hike before year-end

📣📈 Technical analysis:
1) From our screener, it shows NZD reversal to weak side from Over Bought level in Daily chart which means there is a strong sell on NZD relative to other currencies since last week for some reason.

2) Regarding to technical analysis, most of NZD currency pairs has break of structure (BOS), it is the first step of a trend reversal. We are waiting for a successful retest for a Swing entry.

3) Our trading plan about EURNZD - a Long entry setup

EURNZD was tested fairly strong support on the 200-day moving average, not too far from the June and July lows, with stronger support at the May low of 1.7165.
Moreover it has a breakout of the early-October high of 1.7825 since last Friday.

Execution: Coming 2 weeks, we are looking for a pullback above the 1.7165, that would be a higher low.
Long Entry after the pullback.
Stop loss at the May low of 1.7165.
Target 1.8034
Risk and Reward 1: 2 or better.