EUR/NZD 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As EUR/NZD failed to rise above 1.70 last year, the next five months the market was explicitly bearish. Still, during that time the currency pair managed to form a downward channel. Accordingly, it is expected that the Euro is going to respect the resistance at 1.61 (down-trend line and monthly PP) and head south. Eventually the sell-off should extend to the lower boundary of the pattern, specifically to 1.5421, but there are strong support levels standing in its way, such as the monthly S1 at 1.5870 and May 15 low at 1.5751. But the bearish outlook on EUR/NZD is also reinforced by the daily and weekly technical indicators, which are mainly bearish.
© Dukascopy Bank SA
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