EURNZD recently reversed down from the resistance area lying between the pivotal resistance level 1.7160, upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse from October.
The downward reversal from this resistance area started the active impulse wave (iii) of the short-term impulse sequence 3 – which started earlier from the same resistance area.
EURNZD is expected to fall further and retest the next support level 1.6820 (low of the previous short-term correction (ii)).
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