EURNZD Wave Analysis – 18 August, 2022

• EURNZD broke daily down channel

• Likely to rise to resistance level 1.6345

EURNZD recently broke the resistance trendline of the daily down channel, inside which the pair has been falling from July.

The breakout of this down channel accelerated the active short-term correction (ii) – which belongs to the sharp downward impulse wave C from June.

Given the bullish euro sentiment – EURNZD can be expected to rise further toward the next resistance level 1.6345 (target for the completion of the active short-term correction (ii)).