Elliott wave analysis of EUR/NZD for August 21, 2018
EUR/NZD is finally showing signs of strength again, We still need a clear break above resistance at 1.7355 to confirm that red wave ii has completed and red wave iii is developing to above 1.7484 for a continuation higher towards 1.7924 and 1.8369 as the next important upside targets.
Support is now seen at 1.7269 and again at 1.7231. The later should ideally be able to protect the downside for the expected break above resistance at 1.7355.
We are long EUR at 1.7245 and we will move our stop higher to 1.7225.