The common European currency has declined by 4.22% against the New Zealand Dollar since the middle of August. The currency pair breached the 1.7500 level during Friday’s trading sessions.
As for the near future, the EUR/NZD exchange rate could continue to edge lower. Bearish traders are likely to target the 1.7400 level during the following trading sessions.
However, the currency exchange rate could encounter a support cluster formed by the weekly S1 and the monthly S1 near the 1.7516 area within this week’s sessions.
