EUR/NZD reversed from resistance zone
- EUR/NZD reversed from resistance zone
- Next sell target - 1.5450
EUR/NZD recently reversed down sharply from the resistance zone lying between the pivotal resistance level 1.5840 (former strong support from December, which was set as the sell target in our previous forecast for this currency pair) and the 38.2% Fibonacci correction of the previous sharp downward impulse from the start of June. The downward reversal from this resistance zone completed the earlier minor correction (ii) of the impulse wave 5 of the intermediate downward impulse wave (3) from May.
EUR/NZD is expected to fall further to the next sell target at the support level 1.5450 (low of the previous minor impulse wave (i)). Strong resistance remains at 1.5840.