EUR/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the end of the third week of January the common currency has bottomed out around 1.48 in its pair with the Kiwi. Following that, the Euro began appreciating and has already erased almost all losses that occurred this month. As a result, EUR/NZD formed a channel up figure, the upper boundary of which is currently being tested. According to technical studies on an hourly chart, we should see a breach of this line and stronger advance of the single European currency. However, this resistance is capped by monthly PP / weekly R2 from the upside, and both 56% of SWFX traders and long-term technical indicators expect that this supply will push the cross downwards.
© Dukascopy Bank SA
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