EURNZD Wave Analysis – 04 October , 2018

• EURNZD reversed from support area
• Further gains are likely

EURNZD recently reversed up from the support area lying between the pivotal support level 1.7500 (former strong resistance level from August), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from August.

The upward reversal from this support started the active short-term impulse wave (v) – which belongs to the medium-term impulse wave 3 from June.

EURNZD is expected to rise further and re-test the next resistance level 1.7800 (top of the previous impulse wave (iii) from September).

EURNZD