Technical analysis

EURNZD Wave Analysis – 13 August, 2020

EURNZD Wave Analysis – 13 August, 2020

• EURNZD broke key resistance level 1.7900

• Likely to rise to 1.8200

EURNZD recently broke above the key resistance level 1.7900 (which has been reversing the price from June), intersecting with the 61.8% Fibonacci correction of the previous downward impulse C from May.

The breakout of the resistance level 1.7900 accelerated the active short-term impulse waves (iii) and 3.

Given the predominantly bullish euro sentiment today, EURNZD is likely to rise further toward the next resistance level 1.8200 (target for the completion of wave 3).

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