EUR/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/NZD currency pair created the bullish channel on the hourly chart in the beginning of the previous working week on May 26. However, just recently their was undergoing a period of correction from the upper trend-line. As a result, the single European currency neared the lower edge of the channel up. This boundary, located at 1.5704, is strengthened by the weekly R1 and daily S1. Therefore, an immediate drop below this area is unlikely. Still, technical indicators on the short-term time frame suggest that the Euro may try to be pushed below 1.57; however, the 4H ones are expecting a rebound. Meanwhile, the majority of traders (62%) are now holding short positions on this currency pair.
© Dukascopy Bank SA
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