European stocks lower

EURNZD Technical Analysis 20 October, 2021

• EURNZD broke support area
• Likely to fall to support level 1.6100

EURNZD currency pair continues to fall after the price broke the support area located between the multi-month support level 1.6335 (which stopped the previous sharp downtrend in February as can be seen below) and the support trendline of the daily down channel from the end of August. The breakout of this support zone accelerated both of the active impulse waves 3 and (3).

Given the strongly bullish New Zealand dollar sentiment seen today, EURNZD currency pair can be expected to fall further toward the next support level 1.6100 (target price for the completion of the active impulse wave 3).

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