EUR/NZD: buy target - 1.6800
By: Dmitriy Chernovolov
- EUR/NZD reversed from support level 1.6360
- Next buy target - 1.6800
EUR/NZD recently reversed down after the pair reached the buy target 1.6800, which was set in our earlier forecast for this currency pair. The downward reversal from 1.6800 created the daily Japanese candlesticks reversal pattern Falling Star – which started the latest minor correction (ii). This correction yesterday reversed up from the support zone lying between the support level 1.6360 (which has been reversing the price from the start of June) and 50% Fibonacci Correction of impulse wave (i).
EUR/NZD is likely to rise further inside the active impulse waves (iii) and 3 and re-test the resistance level 1.6800. Strong support remains at 1.6360.