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EUR/NZD to Head Lower in a Channel

09/20/2023

Less than a minute

2023.09.20 08:32

Scott Barkley

The current value of is 1.7941 and it is trading within a well-built channel. The downside move is showing signs of convergence and if the support level is broken, we can expect the continuation of the trend towards the ATR target at 1.7875, with the further target for the day being 1.000 Fibo at 1.7782. It is recommended to keep an eye on the USDX for direction. The average daily true range (ATR) for the pair is 129 pips per day, and its 90-day average is 143 pips per day. Currently, the USDX is moving down.

EUR/NZD chart