EURNZD Wave Analysis – 23 April, 2020

• EURNZD reversed from resistance area
• Likely to decline to 1.7845

EURNZD recently reversed down from the resistance area located between the resistance level 1.8305 (top of the earlier wave (a)) and the 38.2% Fibonacci retracement of the previous downward impulse from March.

The downward reversal from this resistance area is likely to create the daily Japanese candlesticks reversal pattern Evening Star.

EURNZD is expected to fall further toward the next support level 1.7845 (low of the previous waves A and (b)).