EUR/NZD reached buy target 1.6200

• EUR/NZD reached buy target 1.6200
• Next sell target - 1.5700

EUR/NZD recently reversed down sharply with the daily Japanese candlestick reversal pattern Bearish Engulfing from the resistance zone lying at the intersection of the resistance level 1.6200 (previous buy target) and the resistance trendline of the daily up channel from February. The downward reversal from this resistance zone started the active minor correction (ii).

EUR/NZD is expected to fall to the next sell target at the support level 1.5700 (which reversed earlier waves (iv) and 2 at the start of May).

Dmitry Chernovolov

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