• EUR/NZD declined sharply on Wednesday as investors took stock of Federal Reserve Chair Jerome Powell's Congressional testimony a day before the European Central Bank's policy decision.
•The ECB's policy decision on Thursday is at the top of investors' radar, with the central bank widely seen holding rates steady.
• EUR/NZD is probing support zone (38.2%fib), break lower risks drop towards 1.7700 level.
• Immediate resistance is located at 1.7862 (23.6%fib), any close above will push the pair towards 1.7921 (Jan 22nd high).
• Strong support is seen at 1.7775 (38.2%fib) and break below could take the pair towards 1.7720 (EMA9 ).
Recommendation: Good to sell around 1.7800, with stop loss of 1.7900, and target price of 1.7720
