Hello traders and welcome to a new blog post where we discuss trade ideas that Elliottwave-Forecast members took recently. Members recently went long on the EURNZD currency pair and are now close to the first target.
Sentiment is: Positive
Technical Analysis
Emerging Falling Wedge pattern in its final wave was identified on the EUR/NZD 1 hour chart. After a strong bearish run, we find EUR/NZD heading towards the upper triangle line with a possible resistance at 1.8850. If the support shows to hold, the Falling Wedge pattern suggests a rebound back towards current levels.
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