EUR/NZD 4H Chart: Two scenarios likely - Trade Pattern Ideas - Dukascopy Bank

Mon, 24 Feb 2020 06:21:57 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuySell
RSI(14)SellNeutralNeutral
Stochastic(5;3;3)NeutralSellNeutral
Alligator(13;8;5)BuyBuySell
SAR(0.02;0.2)BuyBuySell
Aggregate

The single European currency has been gaining strength against the New Zealand Dollar since February 13. The currency pair appreciated by 2.18% in value during this period.

The exchange rate is approaching the upper boundary of the ascending channel pattern at 1.7211.

If the resistance levels, formed by the weekly R1 and the upper border of the channel pattern at 1.7211 holds, the EUR/NZD pair could make a brief pullback within this week's sessions.

However, if the currency exchange rate breaks the ascending channel pattern, the next target for bullish traders would be at the 1.7503 area.


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