The common European currency has declined by 4.02% against the New Zealand Dollar since June 1. The currency pair was pressured lower by the 200– period simple moving average.
As for the near future, the EUR/NZD exchange rate could continue to decline during the following trading sessions. The potential target for bearish traders would be at the 1.7000 level.
However, a support cluster formed by the weekly S1 and the monthly S1 at 1.7077 could provide support for the currency exchange rate within this week’s trading sessions.
