EURNZD Wave Analysis 31 July 2024

– EURNZD under bearish pressure

– Likely to fall to support level 1.8045

EURNZD currency pair under the bearish pressure after the earlier downward reversal from the long-term resistance level 1.8435, which stopped the weekly uptrend in the middle of 2023.

The resistance level 1.8435 was strengthened by the upper weekly Bollinger Band.

Given the strength of the resistance level 1.8435 and the overbought weekly Stochastic, EURNZD currency pair can be expected to fall further to the next support level 1.8045.