EUR/NZD 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NZD is nearing the apex of the 101-bar long descending triangle pattern started early June. In fact, the pair has already surpassed the upper limit of the formation but the breakout has not been followed by any notable changes in the pair's trend yet. Interestingly, market players do not believe that consolidation above the upper boundary will result in a rally, in contrast more than 70% of them hold short positions in the pair. This doubts the pair's ability to rise in the nearest future and warns that EUR/NZD may even see a bearish exit in the hours to come.
© Dukascopy Bank SA
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