EURNZD Wave Analysis – 11 March, 2020

• EURNZD reversed from resistance area
• Likely to fall to 1.7500

EURNZD recently reversed down from the resistance area lying between the major resistance levels 1.8760 (multi-year high from 2015), 1.7920 (yearly high from 2018) and the upper weekly Bollinger Band.

The downward reversal from this resistance area created the weekly Japanese candlesticks reversal pattern Shooting Star (strong sell signal).

EURNZD is likely to fall further toward the next support level 1.7500 (former resistance from the middle of 2019).