• EUR/NZD dipped on Wednesday as euro attracted sellers ahead of a highly anticipated speech by Federal Reserve Chairman Jerome Powell.
•The pair reaches 1.1870 after extending decline from 1.8086 (early Asia high). 1.1870 is the lowest level since August 13th .
• Technical signals show RSI is at 49, daily momentum studies 5,and 9 DMAs are trending downwards (Bearish setup).
• On the upside, Immediate resistance is located at 1.7967 (38.2% fib), any close above will push the pair towards 1.8039 (5 DMA).
• On the downside, strong support is seen at 1.1870 (Daily low) and break below could take the pair towards 1.7768 (50% fib )
Recommendation: Good to sell around 1.7900, with stop loss of 1.8200 and target price of 1.7780
