EURNZD earlier reversed up sharply from the key support level 1.69500 (which stopped the previous downward trend at the end of November as can be seen from the daily EURNZD chart below) – standing well outside of the lower daily Bollinger Band. The upward reversal from the support level 1.69500 stopped the previous minor impulse waves 3 and (3). Given the strength of the support level 1.69500 and the moderately bearish New Zealand dollar sentiment seen across the currency markets today – EURNZD is expected to rise further toward the next resistance level 1.72000.