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EURNZD Wave Analysis – 8 May, 2020

The FxPro Tech Analysis Team
EURNZD Wave Analysis – 8 May, 2020

Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images

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.

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