EURNZD looks like is in distribution area and potentially the distribution is over. There are 2 options right now. If the pair is finished with distribution, the price will go down from this point or other option is that the distribution is not over and the price moves to the last high so let's wait and see if the price is able to break the demand zone.
Comment:
Distribution is not over and potentially we can be in re-accumulation phase. At this time it is best to stay away and wait for a breakout either to upside or downside of the zone :)