- EURNZD reversed from resistance area
- Further losses are likely
EURNZD recently reversed down from the resistance area lying between the pivotal resistance level 1.7160, upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse from October.
The downward reversal from this resistance area started the active impulse wave (iii) of the short-term impulse sequence 3 – which started earlier from the same resistance area.
EURNZD is expected to fall further and retest the next support level 1.6820 (low of the previous short-term correction (ii)).