EUR/NZD: sell targets - 1.4120 and 1.4000
- EUR/NZD falls inside minor impulse 3
- Next sell targets - 1.4120 and 1.4000
EUR/NZD recently reversed down strongly from the resistance level 1.4500 (which has been reversing this currency pair from the middle of last month, as you can see from the daily EUR/NZD chart below). The resistance zone near 1.4500 was further strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci Correction of the previous sharp downward impulse wave from February. The downward reversal from 1.4500 completed the previous minor ABC correction 2 – starting the active minor impulse 3, which then broke the daily Triangle from March.
EUR/NZD is expected to fall further in the active minor impulse wave 3 toward the next sell targets - 1.4120 (low of the earlier impulse wave 1) and 1.4000.