© Dukascopy Bank SA
The EUR/NZD currency cross is gradually filling free space inside the descending triangle pattern, while trading range is narrowing. It still has an opportunity to touch both trend-lines for a few times before eventual break-out.
However, before approaching the horizontal lower boundary, the pair will have to cross the monthly pivot point at 1.6056, which can pose some problems for pair's bears. At the same time, 59% of all market participants believe that the single currency is able to cross the mentioned support line, as they hold short positions at the moment. Concerning technical indicators, short-term ones are neutral, while daily studies send bullish signals.
© Dukascopy Bank SA