Technical analysis

EURNZD Wave Analysis – 16 November , 2018

  • EURNZD reversed from key support area
  • Further gains are likely

EURNZD recently reversed up from the key support area lying between the major, long-term support level 1.6570 (which reversed the pair sharply in January and in June, as can be seen below) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the previous sharp ABC correction ② from the start of October.

EURNZD is expected to rise further and re-test the next resistance level 1.6800. Strong support remains at the support level 1.6570.

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