EUR/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Market participants expect the common European currency to appreciate versus the New Zealand Dollar in 65% of all cases. This suggestion implies a break out from the channel down pattern, inside which EUR/NZD has been trading since the middle of October. However, we tend to remain quite pessimistic with respect to the Euro's medium term perspectives. First of all, both one-hour and daily technical indicators are giving bearish signals at the moment. Moreover, in case any recovery takes place bulls are going to face a tough resistance below 1.65, where the weekly PP coincides with the 200-hour SMA and daily R1. Meanwhile, bearish scenario assumes a decline down to 1.58 (trend-line).
© Dukascopy Bank SA
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