• EUR/NZD dipped on Thursday as dovish tone pushed the euro lower the European Central Bank lifted its main lending rate as expected.
• The European Central Bank lifted its key lending rate by 75 basis points, the second large-size rate hike in a row and third increase this year.
• Pair fell below the 5-DMA, hit a session low of 1.7039 after ECB meeting .
• From a technical viewpoint, RSI is bearish at 48 daily momentum studies, 5, 10 and 11 are trending down.
• Immediate resistance is located at 1.7230 (5DMA), any close above will push the pair towards 1.7330(23.6%fib).
• Immediate support is seen at 1.7000(38.2%fib)and break below could take the pair towards 1.6703(Lower BB).
Recommendation: Good to see around 1.7110, with stop loss of 1.7200 and target price of 1.7000
