EUR/NZD: sell target - 1.7300
By: Dmitriy Chernovolov
- EUR/NZD reached buy target 1.7750
- Next sell target - 1.7300
EUR/NZD recently reversed down sharply after the price reached the resistance level 1.7750, which was set as the buy target in our previous forecast for this currency pair. After initially reversing down from this resistance level the pair made two unsuccessful attempts to break above 1.7750 – forming two consecutive Japanese candlestick reversal patterns Bearish Engulfing (as you can see below).
EUR/NZD is likely to fall further inside the active minor impulse wave 3 toward the next support level 1.7300 (which reversed the price with the daily Morning Star at the end of August).