The EUR/NZD currency pair rebounded from a support level formed by the lower line of a descending channel pattern at 1.6350 on February 25. As a result, the Eurozone single currency has surged by 2.20% against the New Zealand Dollar during this period.
Buyers are likely to continue to pressure the exchange rate higher during the following trading sessions. The potential target for bullish traders will be near the 1.6900 level.
However, the upper boundary of the channel pattern could provide resistance for the currency exchange rate in the shorter term.