• EURNZD reversed from multi-year support level 1.6410
• Likely to rise to resistance level 1.6800
EURNZD recently reversed up from the major support area located between the multi-year support level 1.6410 (which has been reversing the price from the end of 2011) and the lower weekly Bollinger band.
The upward reversal from this support area will most likely form the weekly candlesticks reversal pattern Hammer Doji – strong buy signal for EURNZD – if the pair closes this week near the current levels.
Given the strength of the support level 1.6410 and the oversold weekly Stochastic – EURNZD is likely to rise further toward the next resistance level 1.6800.