By: Dima Chernovolov

EUR/NZD continues to rise inside the hourly Down Channel chart pattern, which was previously identified by Autochartist. Autochartist measures the quality of this Down Channel at the 6-bar level – which is the result of the slow Initial Trend (2 bars), strong Uniformity (8 bars) and significant Clarity (7 bars). EUR/NZD is expected to rise further inside this Down Channel.

As can be seen from the daily EUR/NZD chart below – the price earlier reversed up from the key support level 1.6545 (which has been reversing the pair from the start of December), intersecting with the 38.2% Fibonacci correction of the earlier sharp upward impulse from November. The proximity of this support zone adds to the probability EUR/NZD will continue to rise inside this Down Channel.

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