EURNZD continues to fall strongly after the earlier breakout of the key support level 1.72000 (which has been steadily reversing the price from the start of June, as can be seen below). The breakout of this support level accelerated the active minor impulse wave 3 – which belongs to the sharp impulse wave (3) from October. Given the strongly bullish New Zealand sentiment seen across the currency markets today, EURNZD is likely to fall further toward the next support level 1.70000 (target price for the completion of the active minor impulse wave 3).