The common European currency has declined by 6.28% in value against the New Zealand Dollar since the middle of March. The decline began after the currency pair tested the 2.0000 area on March 19.
Currently, the exchange rate is trading near the bottom border of an ascending channel pattern at 1.8462.
From a technical point of view, a breakout might occur within the following trading sessions.
However, if the channel pattern holds, the currency exchange rate will most likely continue its bullish momentum within this week’s trading sessions.
