Since last week’s trading sessions, the common European currency has declined by 2.20% against the New Zealand Dollar. The 50– and 200– period SMAs pressured the currency pair lower last week.
Technical indicators suggest selling signals on the 4H, daily and weekly time-frame charts. Most likely, the exchange rate could continue to edge lower in a descending channel pattern this week.
However, the currency exchange rate could encounter support at the 1.6300 level within this week’s trading sessions.
