Given the strongly bearish euro sentiment seen today and the strength of the aforementioned resistance area, EURNZD currency pair can be expected to fall to the next support level 1.8960.
- EURNZD reversed from long-term resistance level 1.9915
- Likely to fall to support level 1.8960
EURNZD currency pair recently reversed from the resistance area located between the major long-term resistance level 1.9915 (which stopped the sharp uptrend at the start of 2020, as can be seen from the weekly EURNZD chart below), round resistance level 2.0000, upper weekly Bollinger Band and the resistance trendline of the wide weekly up channel from the middle of July. The downward reversal from this resistance area created the weekly Japanese candlesticks reversal pattern Long-legged Doji, which stopped the earlier weekly impulse wave 5, which belongs to the extended impulse wave (3) from the end of last year.
Given the strongly bearish euro sentiment seen today and the strength of the aforementioned resistance area, EURNZD currency pair can be expected to fall to the next support level 1.8960.
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