Technical analysis

EURNZD Wave Analysis – 25 May 2023

• EURNZD broke resistance level 1.7550

• Likely to rise to resistance level 1.7800

EURNZD continues to rise after the earlier breakout of the resistance level 1.7550 (top of the previous correction B), intersecting with the 38.2% Fibonacci correction of the ABC correction (2) from April).

The breakout of the resistance level l 1.7550 accelerated the active intermediate impulse wave (3).

Given the overriding daily uptrend, EURNZD can be expected to rise further toward the next resistance level 1.7800.

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