EUR/NZD is approaching the technical resistance area! Will the pair continue its downward trend this week? Or will the RBNZ policy decision inspire a bullish breakout for its Kiwi counterpart? While we did not see market catalysts yesterday, commodity-related currencies such as the New Zealand dollar fell against their counterparts ahead of the release of expected data this week. The EUR/NZD pair, despite public holidays in Europe, rose from lows of 1.7700 to trade near the psychological level of 1.7800. How high can the EUR/NZD pair get before the bears extend the downtrend that has been in place all month?
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