EUR/NZD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The European currency entered a falling wedge pattern at the start of May against the New Zealand Dollar. At the moment, the pattern's trend lines have been confirmed two times, and the currency exchange rate is moving down at 1.5608. The pair passed the monthly S3 at 1.5641 this morning, and it will most likely gradually drop to the lower trend line at 1.5400. On the other hand, the Euro faces strong resistance put up by the monthly S3 at 1.5641, weekly pivot point at 1.5705 and the pattern's upper trend line at 1.5700. In addition, the SWFX trader sentiment shows that traders are bearish on the pair, as 61% of open positions are short, which indicates that there is still room for a move south.
© Dukascopy Bank SA
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