EUR/NZD reversed from support area

EUR/NZD reversed from support area

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

EUR/NZD previously reversed up from the support zone lying between the support level 1.6670 (former resistance level from September) and the 50% Fibonacci correction of the previous minor upward impulse (i) from the middle of September. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Piercing Line. EUR/CHF is expected to rise toward the next buy target at the next resistance level 1.7000 (top of the minor corrective wave (b)).



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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