EURNZD recently broke above the key resistance level 1.6850 (which stopped the pervious minor corrective wave (iv) in the middle of February). The breakout of the resistance level 1.6850 follows the earlier breakout of
resistance trendline of the daily down channel from December – which accelerated the active minor impulse wave (c). Given the strong bearish New Zealand dollar sentiment seen across the FX markets today – EURNZD currency pair can be expected to rise further toward the next resistance level 1.70400 (target price for the completion of the active ABC correction 2).