EURNZD continues to rise inside the sharp upward correction 2 which started earlier from the round support level 1.70000 standing close to the lower daily Bollinger Band. The active wave 2 belongs to the medium-term downward impulse wave (3) from the middle of October, as can be seen from the daily EURNZD chart below. Given the strongly bearish new Zealand dollar sentiment seen across the FX markets today – EURNZD is expected to extend the gains in the active wave 2 toward the next resistance level 1.73450 (38.2% Fibonacci correction level of the previous sharp downward impulse 1 from October).
