Technical analysis

EURNZD Wave Analysis 9 December, 2020

EURNZD Wave Analysis 9 December, 2020

• EURNZD reversed from resistance level 1.7230

• Likely to fall to 1.7000

EURNZD continues to fall inside the minor corrective wave (ii) which started earlier from the resistance level 1.7230, intersecting with the upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from October.

The downward reversal from the resistance level 1.7230 created the daily Japanese candlesticks reversal pattern Shooting Star.

EURNZD is expected to fall further toward the next round support level 1.7000 (target price for the completion of the active minor corrective wave (ii)).

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