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EURNZD Technical Analysis Report 03 February, 2021

• EURNZD broke key support level 1.6800
• Likely to fall to support level 1.6600

EURNZD currency pair recently broke sharply below the key support level 1.6800 (which has been steadily reversing the price from February of 2020 – as can be seen from the daily EURNZD chart below). The breakout of this support level accelerated the active impulse waves (iii), iii and 3. All of these impulse waves belong to the longer term downward impulse sequence (3) from last August.

Given the clear multi-month downtrend and the strengthening euro bearishness seen across the currency markets today – EURNZD can be expected to fall further toward the next support level 1.6600 (forecast price for the completion of the active impulse waves (iii), iii).

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