Euro Drops To 4-day Low Against NZ Dollar

Euro Drops To 4-day Low Against NZ Dollar


Extending previous session's downtrend, the euro reached a 4-day low of 1.5772 against the New Zealand dollar around 10:30 am ET Tuesday. The euro-kiwi pair has depreciated 0.85 percent since it hit nearly a 2-week high of 1.5908 yesterday.
Technical bias is bearish for the euro versus the NZ dollar as the currency cross has reversed rightly from its double-top formation in the daily chart. Besides, the pair is approaching its 38.2 percent retracement level of 1.5745 between a high in May and a low in August, suggesting the pullback gaining shape in the near-term.