EUR/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As EUR/NZD failed to rally beyond 1.5830 during the first days of February, the currency pair is now headed toward this year's lowest point just beneath 1.48. After a contact with this support the bulls will be expected to push the price back, but the retracement is unlikely to extend further than 1.50, where the multi-week down-trend coincides with the monthly S1 level, creating a potential ceiling. There the Euro will be in a good position to slide under 1.48.
The overall negative bias is also implied by the technical indicators on all three relevant time-frames. On the other hand, the difference between the bulls (46%) and bears (54%) is insignificant.
© Dukascopy Bank SA
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