There is a new large scale development to be noted about the daily chart of the EUR/NZD currency exchange rate.
The pair has met the support of a massive scale long term channel up pattern. Moreover, it has made the initial rebound against the support.
Due to that reason it can be expected that the pair will begin a long term ascent. However, that might not be possible, as the pattern, which is considered at the moment junior to the most dominant channel up, has very similar width like the dominant one.
Watch the trend line and various resistance levels closely, as a break below the 1.6660 mark might signal a long term descent. In addition that would begin with a drop down to the 1.6550 level.
