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The EUR/NZD currency pair, which expresses the value of the euro in terms of the New Zealand dollar, has mixed characteristics which owe to the market's general and perhaps changing perceptions of the euro.
As noted in a recent article of mine covering EUR/AUD, the euro broke out of its prior trading range to a significant extent, effectively invalidating the prior range totally. From a range of circa 1.60 to 1.66 (about 600 pips), EUR/AUD broke 1.66 and reached a peak of almost 1.98 in March 2020. This sudden rise was also found in EUR/NZD