EURNZD recently reversed down from the resistance area lying between the key resistance level 1.7580 (which reversed the price multiple times from the start of August) and the upper daily Bollinger Band. The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Bearish Engulfing. The aforementioned resistance area was further strengthened by the upper resistance trendline of the wide daily up channel from March. EURNZD is likely to continue the downward correction toward the next support level 1.7400. Strong resistance stands at the resistance level 1.7580.