EUR/NZD 1H Chart: Triple Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rare triple bottom pattern emerged in the 1H chart for the EUR/NZD currency pair. It implies an ultimate confirmation to the upside. The base scenario assumes there will be a spike in the direction of 1.65 where the Euro will face the  peak of the pattern. Intermediate supply will try to derail a recovery of the pair near 1.6466, namely the weekly pivot point. However, general bearish risks are not off the table. Firstly, the pair remains overbought in the SWFX market as 65% of all positions are long. On top of that, technical studies see EUR/NZD lower at the moment. In case there is a confirmation to the downside, or below 1.6272, then the pair should head towards March low at 1.6121.
© Dukascopy Bank SA
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