EURNZD can be trading within a three-wave bearish reversal, away from the top labeled at 1.7381 level. We can see that former impulse unfolded a nice bullish pattern, which now gives us thinking that maybe a change in trend may follow. Well we see waves a and b completed so current drop can be wave c. A breach below the 1.7145 level would suggest even more weakness.

EURNZD, 1H