• EURNZD reversed from support zone
• Likely to rise to resistance level 1.6335
EURNZD currency pair recently reversed up from the support zone lying between the key support level 1.6060 (which stopped the previous short-term impulse wave 1) and the lower daily Bollinger band. The upward reversal from this support zone stopped the previous minor impulse wave 1.
Given the strength of the aforementioned support zone, clear bullish divergence on the daily Stochastic indicator and the improving euro sentiment as seen across the FX markets today, EURNZD currency pair can be expected to rise further toward the next resistance level 1.6335 (top of the previous minor correction 2 from the middle of this month).