EURNZD recently broke through the support area lying between the key support level 1.70000 (former multi-month low from September) and the 61.8% Fibonacci correction of the previous sharp upward impulse from July. This price area is acting as a resistance zone after it was broken.
Given the proximity of the aforementioned resistance zone and the strength of active bullish New Zealand dollar sentiment – EURNZD is likely to remain under the bearish pressure and to fall toward the next support level 1.6823 (target for the completion of the active wave B).