EUR/NZD reversed from resistance zone
- EUR/NZD reversed from resistance zone
- Next sell target - 1.5400
EUR/NZD continues to fall inside the minor impulse wave 3 - which belongs to the intermediate downward impulse (5) from the middle of July. Impulse wave (5) started when the pair reversed down from the resistance zone lying between the resistance level 1.5850 (former support from June), the upper daily Bollinger Band and the 38.2% Fibonacci retracement of the previous sharp downward impulse from the start of May.
Given the strength of the downtrend that can be seen on the daily EUR/NZD charts - the pair is likely to fall further to the next sell target at the support level 1.5400.