EURNZD Wave Analysis – 31 March 2023

• EURNZD reversed from resistance level 1.7450

• Likely to fall to support level 1.7200.

EURNZD recently reversed down from the major resistance level 1.7450 (which has been steadily reversing the pair from the end of September).

The resistance level 1.7450 was further strengthened by the resistance trendline of the daily up channel from January and by the upper daily Bollinger Band.

Given the strength of the resistance level 1.7450 and the overbought daily Stochastic,  EURNZD can then be expected to fall further toward the next support level 1.7200.