The common European currency is trading against the New Zealand Dollar in the short-term narrow descending channel. The pattern formed after the currency exchange rate broke through the bottom trend-line of the preceding large ascending channel. Since the formation of the channel the pair passed through the 23.60% and 38.20% Fibonacci retracement levels, which are measured by connecting 2017 high and low levels. The next barrier consisting of the weekly S1 and 50% retracement level is located near the 1.5394 mark. Given the strength of the downtrend, it is likely that the rate will break through it as well. However, more notable changes might happen on Wednesday, when the data on New Zealand's GDP will be released.



Source: Dukascopy Bank SA
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