EUR/NZD 4H Chart: Trading within range

 The Eurozone single currency began appreciating against the New Zealand Dollar mid-June when it bounced off from the lower boundary at 1.6600. The currency pair reached a high level on July 3.
However, after reaching its high mark since the beginning of July, the exchange rate has been trading within 1.7120/1.7381 range for almost a month. This can be considered a sideways movement.
Given that the EUR/NZD currency exchange rate has been trading within 250 pips range for a month, it is unlikely that the position will change for the coming week. Moreover, technical indicators on the larger time-frame suggest a bullish sentiment during the following week. 
 

Comment:

Upside risks have dominated the common European currency against the New Zealand Dollar since mid-June. During the past one month, the currency pair has increased its trading range by 5.46%.

The EUR/NZD exchange rate broke a junior descending channel towards the end of trading session on Wednesday. The pair has tested a significant resistance level set by the monthly pivot point at 1.7479.

Technical indicators on both the smaller and the larger time frames suggest that the bullish sentiment is likely to continue during the following trading sessions.  In the meantime, it is expected that the rate makes a brief retracement down within this session.