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EUR/NZD 1H Chart: Pair bullish in short term

FX:EURNZD   Euro / Neuseeländischer Dollar
After reaching the 2016/2017 low of 1.4631 in February, EUR/NZD began trading in an ascending channel . The rate tested the upper boundary of this long-term pattern circa 1.72 late in October and has since edged lower down to 1.68.

As apparent on the chart, two other patterns are also active—a channel up and a descending wedge . Taking into account characteristics of these two patterns and technical indicators, it is likely that upside risks become dominant in the market, thus setting the Euro for a slight appreciation in the short term.

An immediate upside target could the weekly PP and the 200-hour SMA circa 1.6950 or the weekly R1 at 1.7132. As a result, the rate would retrace from a previously-breached channel line.

In the medium-term, however, it is still expected that the downward pressure could take the upper hand and push the rate closer to the 1.67 area.
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