- EURNZD reversed from support area
- Likely to rise to 1.7545
EURNZD continues to rise after the earlier upward reversal from the support area located between the long-term support level 1.7110 (former strong resistance level from January and February which has been repeatedly reversing this currency pair from June – after it was broken in February) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlestick reversal pattern Bullish Engulfing – which started the active impulse waves (i) and 1.
With the FX sentiment recently reversing into the bearish territory for the new Zealand dollar – EURNZD is expected to rise further in the active impulse waves (i) and 1 toward the next strong resistance level 1.7545 (former support level from October and September).