There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
EUR/NZD reversed from support zone
- EUR/NZD reversed from support zone
- Next buy target - 1.6200
EUR/NZD continues to rise inside the minor impulse wave (iii) which earlier reversed up from the key support zone lying between the support level 1.5890 (which stopped the previous impulse wave (i) in the middle of June, as can be seen below) and the 38.2% Fibonacci correction of the previous sharp upward impulse from the end of July. EUR/NZD is expected to rise further to the next buy target at the next resistance level 1.6200 (top of the earlier wave A and the target price for the completion of the active impulse (iii)).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.