Elliott wave analysis of EUR/NZD for October 5, 2018
We have seen a nice strong rally out of the 1.7484 low as we expected. This rally does look a bit stretched and we should not be surprised to a temporary set-back 1.7722 and maybe even closer to the broken resistance-line, that’s now is acting as support. This line is currently sitting near 1.7660. Once this possible correction is complete more upside towards 1.8030 and 1.8369 will be expected as the next upside targets.
We are long EUR from 1.7500. We will take half profit at 1.7795 for a nice profit of 295 pips. We will re-buy EUR at 1.7675.