Eurnzd posted it's second weekly gain after being in a downtrend since Feb. The larger trend in the pair (Weekly/Monthly/Yearly) are all in a downtrend as well.
Although the momentum in the pair is strong, as indicated by the weekly candlesticks, the pair looks to be approaching some resistance.
Weekly resistance comes in at 1.5092, which held price up July/August 2012 and then once again in April 2013. Ahead of that level, there is also a long term channel formation in play dating back several years. An upside breach of it, without any major form of a catalyst would seem very unlikely .
Although the momentum in the pair is strong, as indicated by the weekly candlesticks, the pair looks to be approaching some resistance.
Weekly resistance comes in at 1.5092, which held price up July/August 2012 and then once again in April 2013. Ahead of that level, there is also a long term channel formation in play dating back several years. An upside breach of it, without any major form of a catalyst would seem very unlikely .
