The common European currency has surged by 3.45% against the New Zealand Dollar since July 21. The currency pair breached the 1.7900 mark during last week’s trading sessions.

All things being equal, the exchange rate could continue to edge higher. A breakout through the upper boundary of an ascending channel pattern could occur during the following trading sessions.

However, if the ascending channel pattern holds bearish traders are likely to pressure the currency exchange rate lower within this week’s sessions.

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