EUR/NZD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment the single European currency is actively heading in the direction of pattern's upper trend-line. Nevertheless, taking into account negative slope of the pattern itself, a recovery of the Euro is unlikely to continue in the long-term. Moreover, some issues are being created by a tough resistance area ahead, created by the weekly S1 and daily pivot point around 1.5175. According to strongly bearish 4H technical indicators, these levels have a chance to push the common currency downwards, even before it reaches pattern's boundary in the north. Meanwhile, SWFX market participants are holding short positions on the Euro/Kiwi cross in 57.68% of all cases right now.
© Dukascopy Bank SA
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