Categories: Technical analysis

EURNZD Wave Analysis 22 October, 2020

• EURNZD reversed from resistance level 1.7880

• Likely to reach 1.7600

EURNZD recently reversed down from the resistance level 1.7880 (which has been reversing the price from September) – intersecting with the upper daily Bollinger band.

The downward reversal from the resistance level 1.7880 created the daily candlesticks reversal pattern Bearish Engulfing.

EURNZD is likely to fall further in the active impulse wave (3) toward the next support level 1.7600 (low the previous minor correction B).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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