Elliott wave analysis of EUR/NZD for September 28, 2018
The daily trading range is getting smaller and smaller, indicating that energy is building for the next larger move towards the upside. A break above minor resistance at 1.7685 will be the first good indication, that the next impulsive rally towards 1.8030 is developing, while a break above resistance at 1.7732 will confirm this rally is well underway.
Support at 1.7580 should continue to protect the downside for the expected break above 1.7685 and above.
We are long EUR from 1.7615 with our stop placed at 1.7515. Upon a break above 1.7732 we will move our stop higher to 1.7575. We will take profit on half our position at 1.8000.