Growth of the EURNZD has been virtually uninterrupted since mid-August. The New Zealand dollar has continued to weaken and the Euro has come out of the lethargy since May and has started to strengthen again. Recently, the local resistance at 1.7715 was broken through. It is not easy to find another target for bulls, because the pair had not been so high for years now.
On the night of 4/5th August the level was broken, but yesterday we had to deal with a downward correction, which took the form of a retest. This is an ideal moment to enter a long position, you only need to find the right target for bulls.
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When we look at the weekly chart, the ideal candidate will be revealed to us. Around 1.7935 the price has already stopped twice in the past, in November 2011 and September 2015. It seems that these areas are the ideal target for taking profit.