• EURNZD reversed from key support level 1.6960
• Likely to rise to 1.7310

EURNZD currency pair recently reversed up sharply from the key support level 1.6960 (which stopped the previous sharp downward impulse 3 in last November as can be seen from the daily EURNZD chart below) standing close to the lower daily Bollinger Band. The upward reversal from the support level 1.6960 stopped the previous medium-term impulse wave (C).

Given the strength of the support level 1.6960 and the clearly visible bullish divergence on the daily Stochastic indicator – EURNZD is likely to rise further toward the next pivotal resistance level 1.7310 (which has been repeatedly reversing this currency pair from the start of November).