EURNZD Wave Analysis – 16 January, 2020

• EURNZD reversed from resistance area
• Likely to fall to 1.6640

EURNZD recently reversed down with the daily Hammer from the resistance area lying between the pivotal resistance level 1.6850 (former strong support from December), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse wave 5 from December.

The downward reversal from this resistance area stopped the previous medium-term impulse wave (3) from the end of last month.

EURNZD is likely to fall further toward the next support level 1.6640 (which stopped the previous sharp downward impulse wave (C)).