The Eurozone single currency began appreciating against the New Zealand Dollar mid-June when it bounced off from the lower boundary at 1.6600. The currency pair reached a high level on July 3.
However, after reaching its high mark since the beginning of July, the exchange rate has been trading within 1.7120/1.7381 range for almost a month. This can be considered a sideways movement.
Given that the EUR/NZD currency exchange rate has been trading within 250 pips range for a month, it is unlikely that the position will change for the coming week. Moreover, technical indicators on the larger time-frame suggest a bullish sentiment during the following week.
