EUR/NZD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite a massive sell-off yesterday, there are signs EUR/NZD continues to respect the trend-lines forming the bearish channel. At the moment the currency pair seems to be well-supported at 1.48. Accordingly, the base case scenario is a rebound from the demand area.
However, the rally should be capped by the cluster of resistances at 1.53, where the down-trend line merges with the monthly S1 and Jan 14 high. Intactness of this supply area ensures validity of the overall bearish bias towards EUR/NZD. In the meantime, the sentiment of the SWFX market is distinctly bullish with respect to the Euro—three fourth of open positions are long.
© Dukascopy Bank SA
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