EUR/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a strong Sep-Oct sell-off the Euro is showing signs of recovery. Right now EUR/NZD is forming an upward channel, and the pair seems capable of advancing higher. The immediate obstacle is 1.66, but the main challenge for the bullish momentum is waiting circa 1.67, represented by the rising resistance line, 200-period SMA and monthly PP. In the meantime, near-term dips are to be limited by the trend-line at 1.6370. If this support is violated, however, there will still be a good chance for the bulls to recuperate at 1.6228, where they were able to halt the Sep-Oct decline. As for the SWFX market, the sentiment is neutral: 49% of open positions are long and 51% are short.
© Dukascopy Bank SA
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