EUR/NZD: Decision Time?

 | Jul 31, 2014 09:02AM ET

Currently the EUR/NZD is at 1.5782.  A couple of different scenarios. First, bullish, a move to the R5 at 1.5838 area. Second, bearish, head  & shoulders pattern is real –look to break down to the support at 1.5698. The average daily true range (ATR) for the pair currently is 82  pips.