EUR/NZD 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the last time we looked at EUR/NZD (Sep 15) the currency pair has broken through the 200-day SMA to the upside and reached the upper boundary of the bearish channel. Being that the resistance at 1.64 withstood the buying pressure and forced the price to turn around, the market has confirmed topicality of the pattern. Accordingly, we may assume that the Euro will preserve the downward momentum from 2013's high at 1.7283. The closest support is at 1.6050 (monthly PP), while the main target is 1.5050—the lower edge of the channel. However, the sentiment among the market participants is more bullish than bearish—57% of positions are long and 43% are short.
© Dukascopy Bank SA
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