The common European currency has declined by 2% against the New Zealand Dollar since September 10. The currency pair was pressured lower by the 100– period simple moving average.
As for the near future, the exchange rate is likely to continue to decline in a descending channel pattern. The potential target for bearish traders would be at the 1.7300 level.
However, given that the currency exchange rate is currently trading near the upper line of the channel pattern, a breakout could occur within this week’s trading sessions.
