Bearish momentum has guided the Eurozone single currency against the New Zealand Dollar since the end of August. The currency pair reached a one-month low level at 1.7000 During last week’s trading sessions.
The exchange rate bounced off the lower boundary of a dominant ascending channel pattern during Friday’s trading session. As a result, the pair made about 338 pips gains.
As for the near future, the EUR/NZD currency pair will most likely continue its upside movement. The penitential target for bullish traders would be near a swing high at 1.7550.
However, the currency exchange rate might maintain a junior descending channel during this week trading sessions.