The Eurozone single currency has declined by 8.50% against the Kiwi Dollar since March 20. The currency pair was guided lower by a junior descending channel pattern during this period.
Currently, the exchange rate is trading near the bottom border of a dominant ascending channel at 1.8061. Most likely, a breakout could occur within the following trading sessions.
However, if the dominant descending channel holds, the EUR/NZD currency exchange rate could make an upward move during this week’s trading sessions.
