EUR/NZD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The European currency is strongly oversold against the New Zealand Dollar, but there are few reasons the pair will turn around in the nearest future. At the moment, 71% of positions open in EUR/NZD are short, meaning active selling is unlikely. Nevertheless, we see no potential reversal points in the immediate proximity. We therefore expect the bearish momentum to persist until the end of summer. The closest significant demand level is as far as 1.3890, represented by the April low. The main obstacles for the bears in the meantime will thus be the monthly pivot points. As for the near-term rallies, they are to be capped by the upper bound of the channel, which is currently at 1.5450.
© Dukascopy Bank SA
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