EUR/NZD is the worst-performing trade today, falling 90 pips but the declines come after three days of solid gains.
The kiwi has struggled against the US dollar in May but NZD/USD bounced today from support at the March lows.
There isn’t a great technical or fundamental case to be made for EUR/NZD longs but the recent trend has been higher on NZD intervention and the spillover from Australian dollar selling. If NZD/USD fails to hold support at 0.8160, that would signal broader NZD weakness (and EUR/NZD strength).
