EURNZD Wave Analysis – 19 May, 2020

• EURNZD under bearish pressure

• Likely to fall to 1.7695

EURNZD has been under bearish pressure after the price reversed down from the resistance zone lying between the resistance level 1.8270 (which has been reversing the price from the start of April), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse from March.

The downward reversal from this resistance zone started the b-wave of the active short-term corrective wave B. EURNZD is likely to fall further toward the next support level 1.7695 (which reversed earlier waves 4, b and A).