EUR/NZD broke strong support level 1.6120
Next sell target - 1.5840
EUR/NZD continues to decline – following the earlier breakout of the powerful support level 1.6120 (which reversed the previous waves (1) and B and which was set as the sell target in our previous forecast for this currency pair). The support level 1.6120 is also the lower boundary of the wide sideways price range inside which the pair has been trading from the end of February, as can be seen below.
EUR/NZD is likely to fall further in the active impulse wave 3 (which belongs to the intermediate impulse wave (3) from the start of May) toward the next sell target at the support level 1.5840 (which stopped the earlier downward impulse in December).