The common European currency has been trading in a descending pattern against the New Zealand Dollar since mid-May. The currency pair has depreciated 3.77% since it reversed from the upper boundary of a dominant descending channel on May 15.
The Euro continues to diminish its trading range and moving in a narrow channel. During the last three sessions, the exchange rate has been bouncing between 1.6789 and 1.6613.
It is likely that a breakout could occur from the narrow descending channel within the next trading days.
