EUR/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The direction of another Euro cross, EUR/NZD, also demonstrates the single currency's weakness. After the commencement of the bearish correction on March 12, the pair started to shape a downward-sloping tunnel, which sent it to a one-year low of 1.5772 hit in the last trading sessions of March. The beginning of April brought some relief, with the Euro paring loses against its overseas peer by bouncing off the recent low and breaking through the short-term SMA at 1.5876, above which EUR/NZD is sitting now. However, the pair may continue the downswing as more than 62% of all orders are placed to sell the currency pair, according to the SWFX data.
© Dukascopy Bank SA
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