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 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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