EUR/NZD Price Analysis: Bulls stepping in at key confluence area

• EUR/NZD is starting to decelerate within the daily correction. 
• Bulls have eyes on a continuation of the bullish trend. 

EUR/NZD has corrected to a 50% mean reversion and there are prospects of a phase of consolidation at this juncture and a continuation to the upside if the structure holds.

The following is an analysis of the daily and hourly chart that illustrates the bullish thesis. 

EUR/NZD daily chart

There is a confluence of the deeper Fibonacci retracements at this juncture from which bulls will look to engage from. 

The upside potential is compelling for a continuation of the daily recovery from weekly lows. 

EUR/NZD hourly chart

From a near term perspective, the bulls are drawing into the hourly M-formation's neckline which is a bullish pattern from within the daily support structure. 

A break above the near term resistance opens a layer of further resistance structures that the bulls will need to accomplish.