August 19, 2020 at 03:40PM

• EURNZD reversed from resistance level 1.8200

• Likely to fall to 1.7900

EURNZD recently reversed down from the multi-month resistance level 1.8200 (which formed the monthly double top in May).

The resistance area near the resistance level 1.8200 was strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the downward impulse from the middle of March.

EURNZD is likely to fall further toward the next support level 1.7900 (former top of the sharp upward impulse wave (i) from the start of August).

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From: The FxPro Tech Analysis Team
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