EURNZD just reversed down from the powerful resistance zone lying between the long-term resistance level 1.76900 (which stopped the sharp uptrend in October, as can be seen from the daily EURNZD below) and the upper daily Bollinger Band. Given the clear overbought reading on the daily Stochastic indicator and the strength of the aforementioned resistance level 1.76900 – EURNZD is expected to fall further toward the next support level 1.76000. If the pair breaks above the resistance level 1.7690 – EURNZD can then rise to the next resistance level 1.7800 (likely price for the completion of the active impulse wave (iii).