EUR/NZD 4H Chart: Breakout occurs - Trade Pattern Ideas - Dukascopy Bank

Mon, 04 Nov 2019 06:57:00 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellBuy
SAR(0.02;0.2)SellSellBuy
Aggregate

Bearish momentum has been dominating the common European currency against the New Zealand Dollar since October 16. A breakout occurred through the lower boundary of a dominant ascending channel pattern at 1.7389 during last week's trading sessions.

Given that a breakout had occurred, bears could continue to drag the price further south during this week's trading sessions. The potential target for the EUR/NZD pair will be at 1.7089.

However, a support cluster formed by the weekly S1 and the monthly S1 at the 1.7263 area could provide support for the currency exchange rate in the shorter term.


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