The common European currency has surged by 3.00% against the New Zealand Dollar during the last two weeks. The currency pair tested the 1.7150 level last week.
Currently, the exchange rate is trading near the resistance level near the 1.7150 area.
If the EUR/NZD pair breaks the resistance line, a surge towards the weekly R2 at 1.7437 could be expected this week.
However, if the resistance level holds, bearish traders might pressure the currency exchange rate lower during the following trading sessions.
