EUR/NZD 1H Chart: Short-term decline might occur

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)SellNeutralNeutral
Alligator(13;8;5)SellBuyBuy
SAR(0.02;0.2)BuySellBuy
Aggregate⇘⇒⇗

[ANNOUNCE] The Euro has been appreciating against the New Zealand since the end of July when the EUR/NZD currency pair reversed north from the lower boundary of the rising wedge pattern at 1.6535. [/ANNOUNCE] 

As apparent on the chart, the exchange rate has already reversed south from the upper pattern line at 1.7550. From a theoretical point of view, it is likely, that some downside potential could prevail in the market, as the rate should target the lower wedge boundary. It is unlikely, that a breakout south could occur due to the lower boundary of the long-term ascending channel at 1.6570. 

Note, that the rate has to surpass the Fibo 23.60% at 1.7123. If the given support level holds, it is likely, that the pair could re-test the upper wedge line. If the given wedge does not hold, a breakout north could occur within the following trading sessions.

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