HomeContributorsTechnical AnalysisEUR/NZD 4H Chart: Bullish Momentum

EUR/NZD 4H Chart: Bullish Momentum

Bearish momentum has guided the Eurozone single currency against the New Zealand Dollar since the end of August. The currency pair reached a one-month low level at 1.7000 During last week’s trading sessions.

The exchange rate bounced off the lower boundary of a dominant ascending channel pattern during Friday’s trading session. As a result, the pair made about 338 pips gains.

As for the near future, the EUR/NZD currency pair will most likely continue its upside movement. The penitential target for bullish traders would be near a swing high at 1.7550.

However, the currency exchange rate might maintain a junior descending channel during this week trading sessions.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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