| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Sell | Sell |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Buy |
| Alligator(13;8;5) | Neutral | Sell | Sell |
| SAR(0.02;0.2) | Buy | Buy | Sell |
| Aggregate | ⇗ | ⇒ | ⇘ |
The common European currency has been trading in a narrow descending channel pattern against the New Zealand Dollar since the middle of October. The currency pair tested the monthly pivot point at 1.6808.
As for the near future, the EUR/NZD exchange rate will most likely continue to edge lower in the descending channel during the following trading sessions. The pair could target a support cluster formed by the weekly S3 and the monthly S1 at 1.6493.
However, the support lines formed by the 50– and 100– period SMAs at 1.6746 could provide support for the currency exchange rate and drive the price higher within this week's trading sessions.