FxWirePro: EUR/NZD caught in narrow range ,bias neutral

• EUR/NZD remained within a narrow range for the second consecutive day as  investors awaited new catalysts for futher movement post Fed rate decision.

.•The Federal Open Markets Committee (FOMC) left its key policy rate unchanged at 5.25%-5.50% against a backdrop of gradually cooling inflation and a resilient economy.

.• Traders will keep a close eye on the US weekly US initial jobless claims and ISM manufacturing PMI, scheduled for release on Thursday.  

• Pair traded in   1.7715/1.7604  range and was last trading at 1.7672 in  late US afternoon session. 

• Technical signals are bullish as RSI is at 51, daily momentum studies  5,9 and 10 DMAs are trending down. 

•  Immediate resistance is located at 1.7738( 23.6%fib), any close above will push the pair towards 1.7814(Jan 30th high).

• Strong  support is seen at 1.7669(38.2%fib ) and break below could take the pair towards 1.7608 (50%fib).

Recommendation: Good  to buy around 1.7660, with stop loss of 1.7540 and target price of 1.7770