The EURNZD cross daily chart shows a complete A-B-C sequence of Minor degree (red label) which started on March 27, 2019. Follow with us the discovery of the most likely next path for the coming weeks.
The long-term triangle
The EURNZD daily chart runs in an expansive triangle, which has a 3-3-3-3-5 internal sequence. Until now, the price completed the (B)-(C) leg of intermediate degree. This leg started on March 27, 2019, and ended on August 07, when the price reached the 1.75735 level. In the short-term, we foresee a limited recovery to the area between 1.74099 and 1.75412. From this area, the EURNZD could find sellers expecting activate their short positions.
Long-term, our most likely scenario is a decline made of three waves that should complete the (C)-(D) leg in the region between 1.6320 and 1.5977. The invalidation level for this long-term structure is at 1.79316.