EUR/NZD: next sell target
• EUR/NZD broke multiple support levels
• Next sell target - 1.4200
EUR/NZD has been under strong bearish pressure recently after the pair reversed down from the resistance zone located between the resistance level 1.4800 and the 38.2% Fibonacci Correction of the previous sharp downward impulse from the end of February. The subsequent sharp downward price thrust broke through multiple support levels – 1.4600, 1.4510 (which was set as the sell target in our previous report for this pair), the support trendline of the wide weekly down channel from last year, the round support level 1.4500 – and more recently it broke the support level 1.4400.
EUR/NZD is expected to fall further in the active minor impulse 3 toward the next sell target 1.4200. Sell stop-loss can be placed above the resistance level 1.4400.