EUR/NZD: sell target - 1.5720
By: Dmitriy Chernovolov
- EUR/NZD broke sideways price range
- Next sell target - 1.5720
EUR/NZD continues to fall strongly – following the earlier breakout of the support level 1.6200, which is the lower boundary of the narrow sideways price range inside which the pair has been trading from the end of October (the upper boundary of this price range stands at the resistance level 1.6500). The breakout of the support level 1.6200 accelerated the active intermediate impulse wave (3), which belongs to the primary impulse wave ③ , which started from the resistance level 1.6500 in November.
EUR/NZD is likely to fall further inside the active impulse waves (3) and ③ toward the next sell target at the support level 1.5720.