EUR/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After trading near a three-year high of 1.7289 in August, the Euro started to lose ground against the kiwi and late November the pair commenced a formation of a channel down pattern.
Now the pair is trading below its 50-and 200-hour SMAs that act as formidable resistances preventing EUR/NZD from approaching the upper boundary of the 277-bar long pattern. Meanwhile, market players are not univocal about the pair's future moves, with the proportion of long positions being slightly larger than of the short ones (about 53% of traders are bullish on the pair).
© Dukascopy Bank SA
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