EURNZD Pulling Back Into Demand | Bulls Still Holding ControlEuro / New Zealand DollarFOREXCOM:EURNZDJ4mesWickEURNZD continues to be one of the strongest trending Euro crosses, supported by a growing divergence between the European Central Bank and the Reserve Bank of New Zealand. While the RBNZ remains committed to an aggressive easing cycle in response to slowing economic activity and weakening inflation pressures, the ECB has taken a more cautious approach. This policy divergence continues to favor the Euro and has helped drive a sustained bullish trend across the higher timeframes. From a technical standpoint, market structure remains firmly bullish. The monthly chart shows a clear breakout from a multi-year accumulation range, while the weekly timeframe continues to respect a well-defined ascending channel. After the recent impulsive move higher, price is now pulling back into the 1.97900 support zone, an area that previously acted as resistance before flipping into support. Rather than chasing the market at current levels, I will be watching this zone closely for confirmation. A bullish engulfing candle or a strong rejection wick would indicate that buyers are defending the level and could provide the catalyst for the next continuation move toward fresh highs. Technical Overview • Monthly structure remains bullish following a major breakout • Weekly trend continues to print higher highs and higher lows • Daily support remains intact above 1.96800 • H4 support and resistance flip zone sits at 1.97900 • Higher-timeframe momentum continues to favor buyers Trade Plan Order Type: Buy Limit Entry Zone: 1.97900 Stop Loss: 1.96800 Take Profit 1: 1.99900 Take Profit 2: 2.01500 Risk-to-Reward TP1 → 1:1.82 TP2 → 1:3.27 A level can look perfect on the chart, but confirmation is what separates a setup from a trade. If buyers show up at the retest, the path toward higher prices remains intact.