FxWirePro: EUR/NZD drifts lower , could be on verge of a bigger drop

• EUR/NZD declined on Wednesday as improved  risk sentiment and higher commodity prices supported kiwi dollar.

• The pair currently is approaching support at 1.7470(23.6% fib). A break under 1.7470 would unmask 1.7300 level in the short term.

• Technical signals are bearish as RSI is at 44.31, daily momentum studies  5, 9 and 10 DMAs are trending down. 

•  Immediate resistance is located at 1.6754( 61.8%fib), any close above will push the pair towards 1.6810(Higher BB)

•  Support is seen at 1.6667 (30DMA ) and break below could take the pair towards 1.6644 ( 50%fib) .

Recommendation: Good to sell   around 1.6720, with stop loss of 1.7650 and target price of 1.7150.