EURNZD recently broke below the support level 1.7400, which was set as the likely downward target in our earlier forecast for this currency pair. The breakout of the support level 1.7400 coincided with the breakout of the 38.2% Fibonacci correction of the previous sharp upward impulse wave (i) from the middle of September. Given the strength of the resistance area surrounding the nearby resistance level 1.7600 (which started the active short-term correction (ii)) – EURNZD is likely to remain under bearish pressure today and extend the losses toward the next support level 1.7300 (50% Fibonacci correction of aforementioned upward impulse wave
(i))