EUR/NZD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During past two trading days the EUR/NZD's bears struggled in gaining sufficient momentum. As the result, they failed to push the pair  below 1.4250 and it returned back towards the upper trend-line of the channel down pattern. Currently, difficulty for bears is created by broad demand areas from below the current trading level. Therefore, technical indicators are not currently strongly supporting the negative scenario for the Euro, while only daily studies are somewhat pointing to the downside. On the other side of the coin, 55% of market participants are holding long positions, waiting for a bullish break-out to take place and prolong the medium-term up-trend that was in place since March 23.
© Dukascopy Bank SA
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