Technical analysis

EURNZD Wave Analysis – 20 January, 2022

EURNZD Wave Analysis – 20 January, 2022

• EURNZD reversed from resistance level 1.6795

• Likely to fall to support level 1.6600

EURNZD recently reversed down from the key resistance level 1.6795 (which has been reversing the price from the start of October), intersecting with the upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from August.

The downward reversal from the resistance level 1.6795 stopped the active impulse waves (iii), 3 and (1).

EURNZD can be expected to fall further toward the next support level 1.6600 (low of the earlier minor correction (ii)).

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