EURNZD recently reversed up from the support area lying between the key support level 1.7300 (which was set as the likely sell target in our earlier forecast for this currency pair), lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse (i) from the middle of September. The upward reversal from this support area continues the impulse waves 3 and (iii). Given the moderate negative sentiment affecting the New Zealand Dollar at the moment, EURNZD is likely to rise further toward the next resistance level 1.7500.