The single European currency has been trading in a four-month descending channel against the New Zealand Dollar. The currency pair tested the upper boundary of a junior pattern on December 1 followed with a new wave down.
The Euro has since been moving in a slight uptrend, however, a resistance cluster set by the weekly pivot point and the combination of the 55-, 100, and the 200– hour SMAs near the 1.7005 area continues to pressurized the price movement south.
Everything being equal, the EUR/NZD currency exchange rate is likely to decline further until it breaches the bottom border of a dominant channel during the following trading sessions.
