EURNZD currency pair recently broke the support area located between the key support level 1.69500 (former resistance from the start of January) and the support trendline of the daily up channel from the middle of November. The breakout of this support area started the active minor impulse wave C of wave (2) from the start of February. Given the strength of the active minor impulse wave C, strongly bearish euro sentiment seen across the FX markets today, EURNZD currency pair can be expected to fall further toward the next support level 1.68000 (target for the completion of the active minor impulse wave C).