The EUR/NZD exchange rate has been trading upwards since the middle of February when the pair bounced off a support cluster formed by the 50-, 100– and 200– hour SMAs at 1.6847. The Euro has surged by 8.24% in value against the New Zealand Dollar since February 19.
The currency pair breached the upper boundary of an ascending channel pattern during the morning hours of Monday’s trading session. Most likely, the bullish momentum will continue this week.
Furthermore, technical indicators flash bullish signals on both the smaller and the larger time-frame charts.
