The common European currency has declined by 236 pips or 1.32% against the New Zealand Dollar since last week’s trading sessions. The exchange rate breached the 50-, 100– and 200– period SMAs last week.
All things being equal, the currency pair could continue to edge lower during the following trading sessions. The potential target for the EUR/NZD pair would be at the 1.7450 level.
However, the weekly support level at 1.7571 could provide support for the currency exchange rate in the shorter term.
