EUR/NZD 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following testing of the upper boundary of present triangle pattern, the Euro started depreciating sharply, thus breaching a number of considerable support lines and the lower trend-line. The currency pair crossed 55, 100 and 200-period SMAs and the monthly PP at 1.5938 with a relative ease. The current trading level is located right between daily PP and daily S1, as the pair is searching for some either bullish or bearish impetus to take place. While technical studies are thinking the pair will decline further in the short-term, market participants have an opposite opinion on the matter. At the moment 64% of SWFX traders are holding bullish positions on the Euro, expecting it to recover against Kiwi.
© Dukascopy Bank SA
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