February 24th 2020.

Forex traders await German UFO data for February, the critical market-moving economic event during today’s light start to a fresh trading week. Expectations call for a minor slowdown across all three components. A softer than anticipated report is expected to apply more downside pressure under the struggling EURNZD, currently in a holding pattern inside of its horizontal resistance area. Where will price action move to next? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade.

New Zealand retail sales excluding inflation for the fourth-quarter posted a sharp slowdown, clocking in below economists predictions. Credit card spending in January was robust, but the New Zealand government lowered its 2020 GDP forecast. With the EURNZD pressuring its horizontal resistance area, will bulls force a breakout or can bears initiate a reversal? Today’s fundamental analysis will take a look at the upside potential as well as the downside risk in this currency pair.