EUR/NZD: Daily
Here’s another potential Kiwi selloff that’s just kicking off. EUR/NZD has broken above the neckline of a short-term double top pattern, which was right at the bottom of the rising channel forming on its daily forex chart. Strong buying momentum could push the pair up to the top of the channel at the 1.7500 major psychological resistance or at least until the mid-channel area of interest around 1.6500. Stochastic has just reached the overbought area but hasn’t crossed down yet, which means that buyers have enough energy to push EUR/NZD a little higher.
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