The single European currency has surged by 2.62% against the New Zealand Dollar since last week’s trading sessions. The currency pair tested the 100– period simple moving average on June 12.
Given that the exchange rate is currently trading near the upper boundary of a descending channel pattern, a breakout could occur during the following trading sessions.
However, if the descending channel holds, bearish traders would continue to pressure the EUR/NZD currency exchange rate lower within this week’s trading sessions.
