EURNZD recently reversed down from the resistance area lying between the key resistance level 1.82000 (which has been reversing the price from April), upper daily Bollinger Band and the 38.2% Fibonacci retracement of the earlier downward impulse wave 1from the middle of March. Given the powerful bearish sentiment affecting the euro today coupled with the medium new Zealand bullishness – EURNZD is likely to extend the losses toward the next support level 1.78000 (likely price for the completion of the active impulse wave 1).