The common European currency has appreciated about 2.94% in value against the New Zealand Dollar since September 12. The currency pair made a U-turn south from the weekly R1 at 1.7510 on October 1.
As for the near future, the EUR/NZD exchange rate will likely to edge lower. Bearish traders could aim for the lower boundary of an ascending channel pattern at 1.7194 within this week’s trading session.
On the other hand, the currency exchange rate might reverse from the current price level at 1.7382 and continue trading in the ascending channel pattern in the longer term.
