EUR/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rebound of the Euro against the New Zealand Dollar from the pattern's lower edge has been successful so far. Crucial support was also provided by the weekly S1 at 1.7160. After crossing the daily pivot point a few hours ago, the next nearby supply is represented by the 55-hour SMA at 1.7332. This moving average is followed by another one on a 100-hour basis at 1.7390. According to 4H technical indicators, a failure of EUR/NZD at any of these levels is quite likely. Moreover, 57% of SWFX traders are keeping short open positions. Nonetheless, a revival of the common European currency above the 1.74 mark should send it further to the upside, while bulls are aiming at the 1.7532/45 area.

© Dukascopy Bank SA
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