Technical analysis

EURNZD Wave Analysis – 24 July 2023

– EURNZD reversed from resistance level 1.8000

– Likely to fall to support level 1.7800

EURNZD recently reversed up from round resistance level 1.8000, which has been reversing the price from the end of April.

The downward reversal from the resistance level 1.8000 is likely to form the daily Japanese candlesticks reversal pattern Bearish Engulfing – strong sell signal for EURNZD.

Given the strength of the resistance level 1.8000 and the overbought daily Stochastic, EURNZD can be expected to fall further toward the next support level 1.7800.

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