The EUR/NZD currency pair on the 4-hour time frame has been following an uptrend recently. The price broke above the key resistance level of 1.72500 on 11 June to register the highest level of period under study at 1.72620. The price action in the EUR/NZD is mainly driven by the recent strength in the Euro.
The 4-hour chart of the EUR/NZD confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the EUR/NZD. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment.
In alternative scenario, key support level lies at 1.69161. Bears must break this level in order to regain bearish sentiment in the market.
The 4-hour chart of the EUR/NZD confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the EUR/NZD. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment.
In alternative scenario, key support level lies at 1.69161. Bears must break this level in order to regain bearish sentiment in the market.