Technical analysis

EURNZD Wave Analysis – 20 March 2023

• EURNZD reversed from round support level 1.7000

• Likely to rise to resistance level 1.7200

EURNZD recently reversed up from the round support level 1.7000 (former resistance from December and January, acting as the support after it was broken in February).

The support level 1.7000 was further strengthened by the 38.2% Fibonacci correction of the upward impulse from December and the support trendline of the daily up channel from January.

EURNZD can then be expected to rise further toward the next resistance level 1.7200.

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