© Dukascopy Bank SA
At the moment, the pair is trading within one of the bearish formations-channel down pattern. The instrument entered the corridor in the last days of April and is not likely to exit it soon. In the foreseeable future, EUR/NZD may move towards the 50-hour SMA at 1.5927, sitting about 60 pips above the pair. The SWFX numbers prop up this idea, showing that over 77% of market participants hold long positions.
© Dukascopy Bank SA