• EUR/NZD initially gained on Wednesday but attracted seller after US CPI report.
•The US consumer price index rose 0.4% last month versus a 0.3% rise anticipated by economists .
• EUR/NZD scope is for a collapse under major 23.6% fibo support. Break below the 23.6% fibo would see much bigger losses in coming sessions.
• Technical signals show the pair could lose more ground as RSI is at 45 bearish, and 11, 14,21 DMA’s are trending south.
• Immediate resistance is located at 1.6663 (9DMA), any close above will push the pair towards 1.6711(38.2%fib).
• Immediate support is seen at 1.6610(23.6%fib) and break below could take the pair towards 1.6561 (Lower BB).
Recommendation: Good to sell round 1.6660, with stop loss of 1.6720 and target price of 1.7570
