The common European currency has reached a dominant support line against the New Zealand Dollar. The encounter has resulted in a rebound.

After reaching the weekly pivot point level at 1.660, the rebound continued in accordance with the most dominant channel. A new pattern has been mapped and the common European currency is likely to continue a short-term surge.

Furthermore, technical indicator of the 100 – hour simple moving average is providing support at 1.677 at the time of this analysis.

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