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EUR/NZD reversed from support area

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  • EUR/NZD reversed from support area
  • Next buy target - 1.7000

EUR/NZD continues to rise inside the intermediate impulse wave (5), which started earlier from the support area lying between the support level 1.6600 (which reversed the earlier minor correction (ii) in November), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous intermediate impulse wave (3) from June. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Morning Star. EUR/NZD is expected to rise to the next buy target at the next resistance level 1.7000.

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