EUR/NZD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Our bias towards the Euro-Kiwi pair is negative. The price has recently broken through the long-term moving average and formed a bearish channel. Additionally, the four-hour and daily indicators are predominantly giving 'sell' signals.
In the very near term, however, there is a high probability of an upward correction, being that the spot is currently at the lower trend-line that forms the pattern. Support at 1.65 is also implied by the monthly S3, weekly S2 and August low, meaning it is unlikely to be breached easily. In the meantime, the market is undecided with respect to EUR/NZD: 47% of the traders are bullish and 53% of them are bearish.
© Dukascopy Bank SA
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