EUR/NZD 1H Chart: Bulls likely to prevail

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Buy Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The Euro has been appreciating gradually against the New Zealand Dollar since the beginning of December when the currency pair reversed from the lower boundary of the long-term ascending channel.  

From a theoretical point of view, the general direction is expected to be north, as the exchange rate should target the upper channel line located circa 1.8400. The pair has to surpass strong resistance level formed by the Fibonacci 23.60% retracement at 1.7123.  

However, this advance might not be immediate as the rate is being pressured by the 55-, 100– and 200-hour SMAs, thus, the rate might re-test the lower channel line located circa 1.6400.

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