EUR/NZD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While last week EUR/NZD did not show willingness to move in any direction, consolidating around 1.58, this week the New Zealand Dollar is consistently outperforming the Euro despite thin trading volume. Considering there are now two parallel downward-sloping trend-lines and most of the four-hour and daily technical indicators are giving ‘sell' signals, the bearish momentum should to stay intact. However, first, the resistance at 1.5556 must prove it is respected by the market by preventing extension of the present bullish correction. EUR/NZD will then be expected to move in the direction of the July low at 1.54.
© Dukascopy Bank SA
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