Technical analysis

EURNZD Wave Analysis (03.12)

EURNZD Wave Analysis (03.12)
  • EURNZD broke key support level 1.6400
  • Further losses are likely

EURNZD continues to fall inside the sharp short-term impulse wave 3 –which today broke through the key support level 1.6400 (which also reversed the price in October in 2017, as can be seen below).

The breakup of the support level 1.6400 should accelerate the active impulse wave 3 – which belongs to the intermediate impulse wave (3) from October.

EURNZD is expected to fall further and re-test the next support level 1.6200 (target price calculated for the completion of the active impulse wave (3)).

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