EURNZD Wave Analysis – 26 August, 2019

• EURNZD reversed from resistance area
• Further losses are likely

EURNZD recently reversed down from the resistance area lying between the storing resistance level 1.7580 (top of the previous impulse wave 1) and the upper daily Bollinger Band.

The downward reversal from this resistance area is likely to create the daily candlestick reversal pattern Shooting Star – if the pair closes today near the active levels.

Given the bearish divergence on the daily Stochastic indicator – EURNZD is expected to fall further and retest the next support level 1.7200 (low of the previous wave 2).