Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images
• EURNZD reversed from key support level 1.7090
• Likely to rise to 1.7400
EURNZD today reversed up from the key support level 1.7090 (which stopped the previous sharp impulse wave 1 earlier this month) – standing near the lower daily Bollinger Band.
The upward reversal from the support level 1.7090 stopped the previous different-size impulse waves 3 and (3).
With the daily Stochastic still in the oversold territory – EURNZD is likely to rise further toward the next resistance level 1.7400 (which reversed the previous correction 2).
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