EUR/NZD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the single European currency has been losing value relative to the New Zealand Dollar already since Aug 5, we consider the breach of the 200-hour SMA as the beginning of the channel down pattern, when the currency pair started trading in a more orderly way, namely between two downward-sloping trend-lines. Being that just recently EUR/NZD has tested the upper boundary of the channel at 1.6668, both the short and longer-term outlooks are negative for the Euro. The nearest supports are at 1.6617 and 1.6558, though in the end the dip is expected to extend down to 1.6459, where the falling line is currently situated.

© Dukascopy Bank SA
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