The common European currency surged by 1.85% against the New Zealand Dollar during last week’s trading sessions. The currency pair tested the 200– period simple moving average at 1.7945 on May 31.

All things being equal, the EUR/NZD exchange rate could edge lower within this week’s trading sessions. The potential target for bearish traders would be at the 1.7600 area.

However, given that the currency exchange rate is currently trading near the upper boundary of a descending channel pattern, a breakout could occur during the following trading sessions.

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