Technical analysis

EURNZD Wave Analysis – 29 March, 2022

EURNZD Wave Analysis – 29 March, 2022

• EURNZD reversed from support level 1.5710
• Likely to rise to resistance level 1.6100

EURNZD earlier reversed up from the key support level 1.5710 (which stopped the previous sharp downward impulse wave 1), intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 1.5710 started the active short-term correction (ii).

Given the strength of the support level 1.5710 and strong NZD outflows – EURNZD can be expected to rise further toward the next resistance level 1.6100 (target for the end of the active correction (ii)).

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