EUR/NZD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is rapidly losing value against the New Zealand Dollar, after this currency pair confirmed a triangle pattern. Considering that all triangles are continuation patterns, a drop was considered as the most likely scenario for EUR/NZD. Now the pair is nearing the 1.59 level, which is only guarded by daily S3 at 1.5912. Recently it has managed to retreat below the weekly S1 and daily S2 at 1.5962/57, meaning overall bearish intentions seem to be serious. At the same time, the bulls could rely on a support line at 1.5814 represented by the current December low. In the meantime, market sentiment among SWFX traders is largely undecided, as the bears are holding only a minimal majority (51%) of all open trades.
© Dukascopy Bank SA
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