EUR/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has been moving around 1.67 level against the Kiwi since October 30. At the moment of writing the pair was changing hands at the level, which is just slightly below the 200-period SMA, at 1.6473. Traders do not expect the common currency to recover against the Kiwi in the nearest future, as the Euro is sold in 57% of all cases across the board. At the same time, they are bearish on the Kiwi either, with New Zealand currency being sold in 74% of the time. This makes the market sentiment just slightly bearish, and taking into account "sell" signals on the 4H chart, the short-term outlook is bearish. In a longer term the pair is still expected to rebound.
© Dukascopy Bank SA
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