EUR/NZD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Bears have been pushing the Euro/Kiwi currency pair to the south since the second week of December. However, the latest demand was found at 1.4130 where the cross met the pattern's support. Starting from that time around three weeks ago, the single currency is showing some signs of a recovery. At the moment it is trying to overcome the major resistance at 1.4490 (monthly and weekly PP). If successful, the common currency is likely to head towards the next strong supply at 1.4820 (monthly R1 and weekly R3). This move is supported by 59% of SWFX market participants. However, long-term technical studies still assume the Euro will continue depreciating against the Kiwi.
© Dukascopy Bank SA
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