European currency has been declining in a narrow descending channel against the New Zealand Dollar since October 20. The currency pair tested the lower line of the channel pattern at 1.7043 on November 12.
As for the near future, the exchange rate is likely to continue to edge lower in the descending channel pattern during the following trading sessions.
However, given that the currency exchange rate is currently trading near the upper line of the channel pattern at 1.7208, a breakout could occur within this week’s trading sessions.
