The Euro remained on the backfoot last week falling against the New Zealand Dollar (NZD) to 0.6320 (1.5830) as several factors continue to take a heavy toll on the European economy. Spurring gas prices, inflation driven products and the war in Ukraine have all held up the EUR over recent weeks from creating any reasonable momentum not just agst the NZD but across the board of currencies. The EUR kicked back Monday to 0.6250 (1.6000) levels but with the RBNZ predicted to raise rates 50 points tomorrow we may see further upside bias eventuate.
Current Level: 0.6256 (1.5984)
Resistance:0.6345 (1.6320)
Support: 0.6130 (1.5760)
Last Weeks Range: 0.6126-0.6313 (1.5839-1.6322)