EUR/NZD: sell target - 1.5820
By: Dmitriy Chernovolov
- EUR/NZD falling inside intermediate (C)-wave
- Next sell target - 1.5820
EUR/NZD continues to fall inside the intermediate (C)-wave of the primary ABC correction ② from the end of August. The active (C)-wave started earlier this month – when the pair reversed down with the daily Japanese candlesticks reversal pattern Falling Star from the resistance zone lying between the resistance level 1.6500, the upper daily Bollinger Band and the 38.2% Fibonacci Correction of the previous downward impulse from September.
EUR/NZD is likely to fall further toward the next sell target at the support level 1.5820 (which stopped the previous (A)-wave at the start of this month, as you can see below).