EUR/NZD falling inside minor impulse wave 3
- EUR/NZD falling inside minor impulse wave 3
- Next sell target - 1.5200
EUR/NZD recently reversed down strongly from the combined resistance zone lying between the resistance level 1.5740, upper daily Bollinger Band, 38.2% Fibonacci correction of the previous sharp downward impulse from May and the 100-day moving average. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Falling Star – which marked the end of the previous minor correction 2.
EUR/NZD is likely to fall further in the active minor impulse wave 3 (which belongs to the intermediate impulse wave (3) from July) toward the next sell target at the support level 1.5200 (which reversed the previous (b)-wave in September).