The Eurozone single currency has declined by 1.51% against the New Zealand Dollar since the beginning of January. The currency pair tested the 1.6850 level on Monday morning.
Everything being equal, the EUR/NZD exchange rate could continue to edge lower in a narrow descending channel pattern within this week’s trading sessions. The possible target for bearish traders would be at the 1.6700 area.
However, given that the currency exchange rate is currently trading near the upper line of the narrow descending channel, a breakout could occur during the following trading sessions.
