EURNZD Wave Analysis 9 October, 2020

• EURNZD reversed from resistance area

• Likely to fall to 1.7700

EURNZD recently reversed down from the resistance area located between the key resistance level 1.7880 (top of the previous wave A), upper daily Bollinger Band and the 61.8% Fibonacci retracement of the earlier downward impulse from August.

The downward reversal from this resistance area created the daily reversal pattern Shooting Star Doji – which marked the start of the active impulse wave (3).

EURNZD is likely to fall further toward the next support level 1.7700 – the breakout of which will open the way for further losses toward 1.7600 (low of wave B).