EUR/NZD 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the Christmas date of December 25 the single European currency has been underperforming the New Zealand's dollar. Moreover, the trading range tends to be rising; therefore, the broadening falling wedge pattern was eventually formed by this currency pair. 
Concerning the outlook for this pair's future, we assume the cross is likely to increase in value in the short-term, by reaching the upper boundary of the bearish channel at 1.5174. This idea is supported by 75% of SWFX market participants who are holding long positions on the Euro, as well as near term technical indicators. However, in the long run we see the Kiwi continuing to appreciate versus the Euro.

© Dukascopy Bank SA
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