EURNZD Wave Analysis – 8 May, 2020

• EURNZD reversed from key support level 1.7685
• Likely to rise to 1.8000

EURNZD today reversed up from the key support level 1.7685 (which stopped the previous impulse wave (iii)) standing near the lower daily Bollinger Band.

The support level 1.7685 is a long-term pivotal price level which previously reversed the price sharply in October and March.

Given the clear bullish divergence on the daily Stochastic indicator – EURNZD is expected to rise further in the toward the next round resistance level 1.8000.