Technical analysis

EURNZD Wave Analysis – 25 September , 2018

  • EURNZD reversed from support zone
  • Further gains are likely

EURNZD continues to rise after the recent upward reversal from the support zone lying between the key support level 1.7550, support trendline of the daily up channel from June and the 38.2% Fibonacci correction of the previous upward impulse from the start of August.

The upward reversal from this support area started the active short-term impulse wave (v), which belongs to the extended impulse wave 3 from the middle of June.

EURNZD is expected to rise further and retest the next resistance level 1.7800 (top of the previous short-term impulse wave (iii) from the start of September).

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