EUR/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is declining against the New Zealand Dollar in a medium term descending channel. Most recently the currency exchange rate surged after reaching the combined support of the medium term channel's lower trend line and the lower trend line of a massive descending channel pattern. The surge was stopped by the medium term channel's upper trend line near the 1.48 mark. However, this jump was caused by the sudden decline in the Kiwi, as the Reserve Bank of New Zealand announced that the currency is overvalued, and that they might act soon to change that.
© Dukascopy Bank SA
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