EUR/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is in a channel down pattern against the New Zealand Dollar, as the currency exchange rate is closing in on the pattern's upper trend line, which at the moment is at 1.5615. However, on its way upward the currency pair is set to struggle with two resistance levels. First will be the 55-hour SMA at 1.5543, and secondly a combined resistance made up of the 100-hour SMA at 1.5575 and weekly PP at 1.5580. In the meantime, SWFX trader sentiment is 55% bearish, and the daily aggregate technical indicators forecast a downfall for the pair during Tuesday's trading session.
© Dukascopy Bank SA
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