EUR/NZD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Today the Euro has eventually managed to breach the lower boundary of the descending triangle pattern. Statistics imply that 64% of all break-outs happen to the downside and we are inclined to believe it, especially taking into account the mentioned downside confirmation of the pattern. Despite the current trading level of 1.5725 (daily S1) inside the triangle boundaries, we assume the pair to drop in the foreseeable future. The idea is shared by hourly and four-hour technical studies, which send strong signals to the south at the moment. Stochastic indicator, in turn, is neutral on all time frames, meaning that the pair is neither overbought nor oversold.
© Dukascopy Bank SA
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