EUR/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite formally trading in the bearish channel since the beginning of December, a EUR/NZD currency pair looks more like moving in a sideways trend. Over past four months, the pair managed to lose only 9% of its value. Moreover, the Euro started regaining strength during past two weeks, meaning that we should expect the pair to hover in the direction of 1.54 (pattern's resistance) in the long-term. However, at first bulls will have to overcome a major supply represented by monthly R1 at 1.4821. Meanwhile, traders are almost equally divided on pair's perspectives (51% long), while daily and weekly technical studies suggest the Euro is going to under-perform the Kiwi.
© Dukascopy Bank SA

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