The EUR/NZD currency pair has continued to trade within the medium-term ascending channel pattern. The pair tested a resistance cluster formed by the weekly R1 and the monthly R1 at 1.7672 on October 16.
If the bearish momentum, which dominated the exchange rate during last week’s trading session continues, a breakout through the lower boundary of the medium-term ascending channel could occur within the following days.
However, the 200– period simple moving average at 1.7400 could provide support for the currency exchange rate during the following trading sessions.
