EURNZD Wave Analysis – 19 October, 2022

• EURNZD reversed from resistance level 1.7500

• Likely to fall to support level 1.7200

EURNZD recently reversed down from the key resistance level 1.7500 (top of the sideways price range inside which the pair has been trading from the end of last month), intersecting with the upper daily Bollinger Band.

The downward reversal from the resistance level 1.7500 started the active short-term corrective wave (iv).

EURNZD can be expected to fall toward the next support level 1.7200 (lower boundary of this price range).