Upside risks dominated the common European currency against the New Zealand Dollar since mid-June. During the past one month, the currency pair has increased its trading range by 5.46%.
The EUR/NZD exchange rate broke a junior descending channel during the end of trading session on Wednesday. Furthermore, the pair tested a significant resistance level set by the monthly pivot point at 1.7479.
Technical indicators on both the smaller and the larger time frames suggest that the bullish sentiment is likely to continue during the following trading sessions. In the meantime, it is expected that the rate makes a brief retracement down within this session.