EUR/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been in a channel down pattern against the Kiwi for the last week, as it started the pattern on May 30. At the moment the pair has rebounded against the top trend-line, weekly pivot point and daily R1 in a cluster around 1.6415 and now the currency exchange rate is slowly decreasing as it has to pass the 55-hour simple moving average of 1.6375. On its way down further the pair faces the daily pivot point at 1.6330 and first daily support of 1.6258. However, if the Euro fails to break the 55-hour SMA it could appreciate against the New Zealand Dollar, but will have to break through the cluster above it at 1.6415.
© Dukascopy Bank SA
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