© Dukascopy Bank SA
During the last several month the Euro has been constantly appreciating against the Kiwi. Even despite the recent Kiwi's strength, the pair is still trading in boundaries of a channel up pattern, which is 334-bar long already. At the moment of writing the pair was bounded between the pattern's support and a 200-period SMA. According to 58% of traders, the pair is likely to move to the lower boundary and, possibly, even break it. However, a slight majority of all pending orders are placed to buy the pair, meaning the breakout is unlikely to happen. Moreover, indicators on a daily and weekly charts are sending ‘buy' signals, meaning, the pair will move towards 200-period SMA.
© Dukascopy Bank SA