EUR/NZD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common currency has been losing value relative to the New Zealand Dollar since the very beginning of February, and, unlike in the EUR/PLN pair, there are no signs of a potential reversal just yet. Right now the price is undergoing an upward correction, but the rally should soon be stopped, assumingly at 1.46, where it is going to meet the upper boundary of the channel. We then expect the rate to descend through the support level at 1.43 towards 1.41. At the same time, the technical studies are generally pointing south, though the SWFX traders seem to be optimistic with respect to EUR/NZD, being that 63% of open positions are currently long.
© Dukascopy Bank SA
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