EUR/NZD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NZD is following trend of the previous currency pair as the Euro is constantly losing value. In the night between Monday and Tuesday the pair managed to rebound slightly by approaching the bearish pattern's resistance line. However, this level experienced no problems in sending the Euro back towards 1.4640. According to technical indicators especially on the daily time-frame, outlook is strongly negative. Still, despite 60% of long positions being opened at the moment, we see a continuation of the present bearish tendency. The pair is likely to approach the monthly S1 support at 1.4459, by crossing the weekly S1 at 1.4554 without any major problems.
© Dukascopy Bank SA
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Thu, 12 Mar 2015 07:13:52 GMT

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