EURNZD Wave Analysis – 17 March 2025

EURNZD: ⬇️ Sell

– EURNZD reversed from long-term resistance level 1.9160

– Likely to fall to support level 1.8640

EURNZD currency pair recently reversed down from the long-term resistance level 1.9160, which stopped the sharp weekly uptrend at the start of 2020, as can be seen below.

The downward reversal from the resistance level 1.9160 created the weekly Japanese candlesticks reversal pattern Shooting Star.

Given the strength of the resistance level 1.9160 and the bearish divergence on the weekly Stochastic indicator, EURNZD currency pair can be expected to fall to the next support level 1.8640.