EUR/NZD 1H Chart: Channel Down

After falling six figures in the first half of June EUR/NZD managed to stabilise near 1.56. However, the Euro is starting to feel the bearish pressure once again, as evidenced by a downward-sloping channel emerging on the hourly chart. The pattern implies the currency pair is soon going to depart from the trend-line at 1.5640 and head towards the lower boundary of the channel at 1.5441. And while this view goes against the near-term technical indicators, the daily studies are mostly pointing south. On the other hand, the market participants believe the common currency will appreciate—66% of positions are long and only 34% are short.