EUR/NZD 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While against the U.S. Dollar the single currency has been appreciating since July, it has been moving sideways against the Kiwi even longer. It was not a surprise that the pair formed a descending triangle on a 4H chart that is likely to be completed soon. Keeping in mind that the outlook is bearish in 64% of the time and the fact bears are already trying to break through the lower boundary, the outlook is bearish. At the same time, vast majority (57%) of Dukascopy traders are holding long positions, expecting a bounce back. A move above pattern's support will make long traders focus on 1.6295, while a close below 1.6267 will suggest bears' intentions to reach a weekly S2 at 1.6113.
© Dukascopy Bank SA
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