EURNZD Wave Analysis – 5 May, 2020

• EURNZD reversed from resistance zone
• Likely to fall to 1.7685

EURNZD recently reversed down from the resistance area lying between the key resistance level 1.8270 (which stopped the previous corrections (ii) and B) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the previous short-term corrective wave (iv)  – which belongs to wave C from April.

EURNZD is expected to fall further toward the next support level 1.7685 (low of the previous impulse wave (iii) from last month).