EUR/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency is constantly losing value against the Kiwi since Thursday of the previous week. At the moment the pair is hovering near the lower boundary of the bearish channel at 1.5764. It seems that the pair has a lack of bullish momentum to initiate the recovery after testing the lower trend-line yesterday, even though the vast majority of opened positions (61%) are long on the Euro. However, technical indicators have an opposite opinion concerning perspectives of this currency pair. They send signals to sell the Euro versus New Zealand's dollar on one and four-hour charts. Taking into account a strong resistance at 1.5845, we tend to believe in the break-out to the south.
© Dukascopy Bank SA
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