Long EURNZD - Eyeing 1.76096 as RBNZ rate cut in focus

There is the formation of a descending triangle pattern in a daily time frame chart of EURNZD. The pair has just breached the downward trend line after taking multiple bounces around the area of 1.73 level that is acting as strong support. Therefore, the pair is likely to sustain the breakout of pattern in subsequent trading sessions. A trader can do the entry for a long position with a stop loss of 1.73031 with a first target set at 1.75217 which could act as a major hurdle for the pair. Hence, a closing above this level is crucial for the pair to achieve 1.76096 as a second target. The stop loss is kept at 1.73031 that is the recent low made by pair on 5th November. Fundamentally, the Reserve Bank of New Zealand will come out with the official cash rate in early Asian trading hours on Wednesday.