EURNZD Wave Analysis – 20 October, 2021

• EURNZD broke support area

• Likely to fall to support level 1.610                                                                          

EURNZD currency pair earlier broke the support area lying between the key support level 1.6345 (previous multi-month low from February) and the support trendline of the daily down channel from August.

The breakout of this support area accelerated the active impulse wave (iii), which belongs to the higher-level impulse waves 3 and (C).

EURNZD can be expected to fall further toward the next support level 1.610 (target price for the completion of the active impulse wave (iii)).