EUR/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since June the single currency has been traded at elevated levels against the New Zealand Dollar; however, the pair followed a distinct upside trend only in the very end of October.
At the moment of writing, the pair was tilted upwards after a drop to the lower trend-line of the channel up pattern. Additional buying pressure was pertaining to the recent ‘golden cross' that pushed the currency couple above 1.6706 (daily pivot point) but EUR/NZD failed to consolidate at this level and retreated, albeit slightly. In the hours to come, the pair is likely to appreciate given bullish technical signals.
© Dukascopy Bank SA
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