• EURNZD reversed from support area
• Likely to rise to resistance level 1.6040
EURNZD currency pair recently reversed up from the support area located between the multi-month support level 1.6600 (lower boundary of the extended sideways price range from April) and the lower daily Bollinger Band.
The upward reversal from this support area stopped the previous intermediate corrective wave B from the middle of June.
Given the strongly bearish NZD sentiment and oversold daily Stochastic, EURNZD can be expected to rise further toward the next resistance level 1,6800,