The 200– hour simple moving average pressured the common European currency lower against the Japanese Yen on Wednesday. The currency pair declined by 98 basis points or 0.81% in value during the first part of yesterday’s trading session.
All things being equal, the EUR/NZD exchange rate could continue to trade downwards within this session. Bearish traders could aim for the support level at the 118.50 area.
On the other hand, the currency exchange rate could consolidate below the 119.46 zones within the following trading session.
