EUR/NZD 1H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is at the early recovery stage against the New Zealand Dollar, after the currency pair has been falling down since the last day of February up until Friday. Gains are being foreseen by 1H technical indicators and we are sharing their optimism at the moment. The rally should prolong its winning streak to 1.63, before it nears the 100-hour SMA and weekly pivot point. Success here will expose the second bunch of resistances slightly under 1.64, the 200-hour SMA and daily R2. Adding to that, the Euro is oversold in the SWFX market, as 64% of all positions are short. It may provoke some buying activity, but markets should remain watchful: 4H and daily studies are not sharing aforementioned enthusiasm.
© Dukascopy Bank SA
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