• EUR/ NZD declined on Wednesday as stronger dollar and risk aversion weighed on the pair.
• EUR/ NZD focus is on 1.7247 (38.2%fib) support, a break below will accelerate losses for the pair
• From a technical viewpoint, RSI is bearish at 42, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.7427( 50%fib), any close above will push the pair towards 1.7498 (5DMA).
• Immediate support is seen at 1.7247 (38.2%fib) and break below could take the pair towards 1.7148 (Lower BB).
Recommendation: Good to sell around 1.7320, with stop loss of 1.7400 and target price of 1.7180
