The common European currency declined by 1.30% against the New Zealand Dollar last week. The currency pair breached the 50– and 200– period SMAs during Friday’s trading sessions.
All things being equal, the exchange rate could continue to edge lower during the following trading sessions. The potential target for sellers would be near the 1.6550 area.
However, the lower boundary of an ascending channel pattern at 1.6600 could provide support for the EUR/NZD currency exchange rate this week.
