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EUR/NZD is executing a return to point of break out and should see further recovery, according to analysts at Commerzbank.

Key quotes

“We suspect that the market is executing a return to point of break out from the triangle, which should now offer support at 1.7537.” 

“The 1.7537 support is reinforced by the 200-month ma at 1.7725. If the market stabilises here we should see a re-challenge of the 1.9941 March high.”