| Indicator | 4H | 1D | 1W |
| MACD (12; 26; 9) | Sell | Buy | Buy |
| RSI (14) | Neutral | Neutral | Sell |
| Stochastic (5; 3) | Neutral | Sell | Sell |
| Alligator (13; 8; 5) | Sell | Buy | Buy |
| SAR (0.02; 0.2) | Sell | Sell | Buy |
| Aggregate | ⇘ | ⇒ | ⇒ |
The common European currency has been depreciating against the New Zealand Dollar since early September, thus forming a falling wedge.
As apparent on the daily chart, the given pattern is a part of a medium-term ascending channel when the rate reversed to the downside after failing to reach the upper channel boundary circa 1.70. Given the characteristics of a fallen wedge, the pair should break out to the upside—a move that might even happen later this week.
In the short-term, however, the Euro is expected to appreciate until the upper wedge boundary which is reinforced by the 55– and 100-hour SMAs and the weekly PP circa 1.6450. This level should be examined carefully to determine if the rate is strong enough to surpass it. In case of a breakout, the rate might fail to accelerate and therefore trade sideways.