The Eurozone single currency has declined by 344 pips or 1.91% against the New Zealand Dollar since October 7. The currency pair tested the lower line of an ascending channel pattern at 1.7600 during last week’s trading sessions.
Everything being equal, the EUR/NZD exchange rate could continue to edge lower during the following trading sessions. A breakout through the lower boundary of an ascending channel pattern could occur.
However, if the channel pattern holds, bullish traders are likely to pressure the currency exchange rate towards the 1.7950 level within this week’s trading sessions.
