EUR/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been depreciating against the New Zealand Dollar since late December when it rose to a five-month high of 1.7004.
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
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