Technical analysis

EURNZD Wave Analysis 11 October 2023

– EURNZD reversed from support level 1.7565

– Likely to rise to resistance level 1.7800

EURNZD currency pair recently reversed up from the key support level 1.7565 (which has been reversing the price from June), intersecting with the lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous upward impulse from March.

The upward reversal from the support level 1.7565 stopped the c-wave of the previous ABC correction 2 from the middle of August.

Given the oversold daily Stochastic, EURNZD currency pair can be expected to rise further toward the next resistance level 1.7800.

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