Categories: Technical analysis

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)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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