EURNZD broke resistance area

EURNZD broke resistance area
Further gains are likely

EURNZD today broke through the resistance area lying at the intersection of the resistance level 1.6770 (which has been reversing the price from February) and the 50% Fibonacci correction level of the previous sharp downward impulse from January.

The breakout of this resistance area accelerated the active short-term impulse wave (C) of the ABC correction 2 from the end of March.

EURNZD is expected to rise further and re-test the next round resistance level 1.7000 (target price for the completion of the active wave 2).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: EURNZD

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