EURNZD currency pair under the bearish pressure after it broke the multi-month support level 1.63330 (which
stopped the sharp downtrend back at the end of February as can be seen from the daily EURNZD chart below). The breakout of the support level 1.6333 accelerated the active impulse wave 3 and (C). Given the clear daily downtrend and the continued bullish New Zealand sentiment seen across the FX markets today – EURNZD currency pair can be expected to fall further toward the next support level 0.61000 (target for the completion of the active impulse wave 3 ).