The common European currency surged by 554 pips or 3.14% against the New Zealand Dollar during last week’s trading sessions. The currency pair tested the upper boundary of a descending channel pattern at 1.8200 on Friday.
Everything being equal, the exchange rate could maintain the descending channel pattern. Bearish traders could aim at the psychological support level at 1.7600 area within this week’s trading sessions.
Although, given that the currency exchange rate is currently trading near the upper line of the channel pattern, a breakout might occur during the following trading sessions.
