EUR/NZD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Provided with a reliable demand area below the current spot price at 1.6531/05, the Euro is getting ready to commence a strong recovery against the New Zealand Dollar. Even though the double top pattern implies a confirmation to the South, we are not ruling out the possibility of a third top or even a rectangle emerging eventually. However, short and medium-term technical studies are pessimistic on the matter. If the bears send EUR/NZD under the weekly pivot point, then a deeper selloff will be almost inevitable in the foreseeable future. As for the market sentiment among SWFX traders, here we observe a slight dominance of the bulls (52%), but such majority is quite unsustainable.
© Dukascopy Bank SA
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