EUR/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is being sold off across the board, and EUR/NZD is no exception. In addition to the pair following the lead of two falling parallel lines, the four-hour and weekly technical indicators are pointing south. During the next few days, however, the single currency may outperform Kiwi, being that the exchange rate is currently fluctuating right at the lower edge of the pattern, which is reinforced by the monthly S1. This rally should be limited by the weekly S1 and the upper trend-line at 1.6090. Meanwhile, after eventually eroding 1.5870, EUR/NZD will probably move towards 1.5660, where the monthly S2 level merges with the Jun 9 low.
© Dukascopy Bank SA
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