EUR/NZD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The situation continues to evolve in a predictable manner, as the market confirmed the support trend-line. The challenge for the bulls is now represented by the supply area near 1.5360, where the weekly R1 coincides with the monthly R2. If this obstacle is overcome, EUR/NZD will likely rise up to 1.58, where it is going to meet the upper boundary of the pattern and the February high. On the other hand, in case the currency pair dips below 1.52, the bulls will have an opportunity to prevent a further decline at 1.5055. However, if they fail to do so, we will expect a sell-off down to a major support cluster around 1.45, created by some of the previous months' high, monthly pivot point, and 200-period SMA.
© Dukascopy Bank SA
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