EUR/NZD 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NZD continues to fluctuate between two parallel trend-lines, as it has recently penetrated a tough support represented by the 200-day SMA and monthly S1. Now the nearest significant demand is supposed to be 180 pips to the south, at 1.5540, where the monthly S3 coincides with the Sep low. However, the sell-off is expected to extend notably lower, namely to 1.5080 (2013 low and down-trend), before the currency pair starts a distinct bullish correction.
Meanwhile, the sentiment towards the common European currency is neutral, with 55% of positions being long and the remaining 45% being short.
© Dukascopy Bank SA
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