EUR/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single European currency has been in the down-trend against kiwi since mid-February and in the last day of the month it started to shape a channel down pattern that pushed the currency couple to a four-month low of 1.6197.
Now the pair is retreating from its short-and long-term SMAs at 1.6376/0 that have recently intersected forming a ‘death cross'. However, market players are not losing faith in the instrument and expect EUR/NZD to regain upside in the hours to come. More than 73% of orders are placed to buy the pair.
© Dukascopy Bank SA
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