EURNZD Wave Analysis – 24 January, 2020

• EURNZD reversed from resistance area
• Likely to fall to 1.6620

EURNZD continues to fall inside the short-term impulse wave C, which started recently from the resistance area lying between the resistance level 1.6830 (former key support from December), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse 5 from December.

The active impulse wave C belongs to the ABC correction (B) from the start of January.

EURNZD is likely to fall further toward the next support level 1.6620 (monthly low from last month and the target for the completion of the active ABC correction (B)).