EUR/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the past two months the currency pair has been distinctly bullish, and there are good arguments in favour of the Euro appreciating further. The main reasons for a positive outlook are that the indicators are mostly pointing upwards, and there is a well-defined upward-sloping channel.
However, EUR/NZD is facing a critical resistance area around 1.6278, represented by the upper edge of the pattern and some of the late-2014 highs. This implies weakness in the short-term, but can also turn out to be the longer-term top. These concerns are reflected in the sentiment of the market participants. Right now 70% of open positions are short.
© Dukascopy Bank SA
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