The Common European currency has appreciated substantially against the New Zealand Dollar during the past month. This bullish momentum has pressured the currency pair higher toward an eight-month high at 1.7377.
After reaching the monthly pivot point near the 1.73 mark, the exchange rate made a corrective move south. However, the pair is still maintaining the ascending channel pattern at the time of this analysis.
As for near future, the EUR/NZD currency exchange rate is likely going to continue moving north during the following trading sessions until the pair breached the aforementioned monthly resistance level near the 1.73 regions.
