Technical analysis

EURNZD Wave Analysis – 23 November, 2021

EURNZD Wave Analysis – 23 November, 2021

• EURNZD reversed from support area

• Likely to rise to resistance level 1.6345                                                                  

EURNZD currency pair recently reversed up from the support zone lying between the strong support level 1.6100 (low of the previous impulse wave 1) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the earlier short-term impulse wave 3.

Given the strength of the aforementioned support zone and the bullish divergence on the daily Stochastic, EURNZD currency pair can be expected to rise further toward the next resistance level 1.6345 (top of the previous correction 2).

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