FxWirePro: EUR/NZD attracts selling interest, could be on verge of a bigger drop

• 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