EURNZD Wave Analysis – 18 February, 2022

• EURNZD broke daily up channel

• Likely to fall to support level 1.6800

EURNZD currency pair recently broke the round support level 1.700, intersecting with the support trendline of the daily up channel from last November.

The breakout of the support level 1.700 accelerated the active minor impulse wave (i) – which belongs to the higher order downward wave B from the start of February.

EURNZD can be expected to fall further toward the next support level 1.6800 (former resistance from December and January, target for the completion of the active impulse wave (i)).