The common European currency has declined by 2.54% against the New Zealand Dollar since October 20. A breakout occurred through the lower boundary of an ascending channel pattern during last week’s trading sessions.
All things being equal, the EUR/NZD exchange rate could continue to decline within this week trading sessions. The potential target for bears would be near the 1.7400 level.
However, a support cluster near the 1.7555 area could provide a barrier for bearish traders during the following trading sessions
