Technical analysis

EURNZD Wave Analysis 30 September, 2020

EURNZD Wave Analysis 30 September, 2020

• EURNZD reversed from resistance area

• Likely to fall to 1.7600

EURNZD recently reversed down from the resistance area located between the resistance level 1.7815 (top of the previous wave A), upper daily Bollinger Band and the 50% Fibonacci retracement of the downward impulse (a) from August.

The downward reversal from this resistance area started the active downward impulse sequence (3).

EURNZD is likely to fall further toward the next support level 1.7600 – the breakout of which will open the way for further losses toward 1.7400 (low of the previous waves (1) and B).

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