EURNZD Wave Analysis – 23 March, 2020

• EURNZD reversed from resistance area
• Likely to fall to 1.8500

EURNZD recently reversed down sharply from the resistance area lying between the round resistance level 1.9000, upper daily Bollinger Band and the resistance trendline of the weekly up channel from January.

The downward reversal from this resistance area started the active weekly downward correction 2 – which belongs to the weekly upward impulse sequence (3) from 2019.

Given the overbought reading on the weekly RSI indicator (strong sell signal) – EURNZD is expected to fall further toward the next support level 1.8500.