EUR/NZD 4H Chart: Channel Up

During the last several month the Euro has been constantly appreciating against the Kiwi. Even despite the recent Kiwi's strength, the pair is still trading in boundaries of a channel up pattern, which is 334-bar long already. At the moment of writing the pair was bounded between the pattern's support and a 200-period SMA. According to 58% of traders, the pair is likely to move to the lower boundary and, possibly, even break it. However, a slight majority of all pending orders are placed to buy the pair, meaning the breakout is unlikely to happen. Moreover, indicators on a daily and weekly charts are sending ‘buy' signals, meaning, the pair will move towards 200-period SMA.