EURNZD under pressure following the earlier downward reversal from the resistance area lying between the strong resistance level 1.7600 (monthly high from September) and the upper daily Bollinger Band. The downward reversal from this resistance area created the daily Bearish Engulfing candlesticks reversal pattern. With the clear bearish divergence on the daily Stochastic and the rising bullish sentiment affecting the New Zealand Dollar – EURNZD is expected to fall further toward the next support level 1.7300 (low of the previous ABC correction (ii)).