Technical analysis

EURNZD Wave Analysis 20 October 2023

– EURNZD rising inside sharp impulse wave 3

– Likely to test resistance level 1.8260

EURNZD currency pair rising inside the sharp upward impulse wave 3, which previously broke the key resistance level 1.7800 (top of the previous minor correction iv, can be seen below).

The breakout of the resistance level 11.7800 accelerated the active impulse wave 3 of the intermediate impulse wave (3) from May.

Given the clear daily uptrend and the bullish EUR sentiment see across the FX markets today, EURNZD can be expected to rise further toward the next resistance level 1.8260, which reversed the pair twice at the start of September.

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