EURNZD Wave Analysis – 29 May, 2020

• EURNZD reversed from support area
• Likely to rise to 1.8000

EURNZD rising after the earlier upward reversal from the support area lying between the key support level 1.7645 (which has been reversing the price from March) and the lower daily Bollinger band.

The upward reversal from the support level 1.7645 created the daily strong candlesticks reversal pattern Piercing line – which started the active wave (i).

EURNZD is likely to rise further toward the next round resistance level 1.8000 (61.8% Fibonacci correction of the previous wave (b)).