EUR/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After five consecutive weeks of mainly sideways trading in the range between 1.6350 and 1.68, the common European currency has eventually decided to establish a positive tendency in the one-hour chart. Bullish chances are also improving, given that the pair has successfully breached a tough supply at 1.69 (weekly R2). Meanwhile, the next weekly resistance at 1.70 has been crossed as well in the night between Thursday and Friday. Bulls are setting eyes at the pattern's upper boundary at the moment, which is immediately followed by the 2013 high at 1.7284. Positive scenario is shared by 1H and 4H technical indicators, even though three in four SWFX traders are short on the Euro.

© Dukascopy Bank SA
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