• EUR/NZD traded in tight range on Tuesday as caution remained ahead of European Central Bank's interest rate decision later this week.
• Investors expect the European Central Bank on Thursday to cut the benchmark rate by 25 basis points to 3.75%.
•The pair remains bearish and might fall towards 1.7550 .The pair has seen a 1.7600 -1.7653 range on Tuesday.
•Technical signals are bearish as RSI is at 35, daily momentum studies 5 , 9 DMA’s are trending down.
• Immediate resistance is located at 1.7691 (38.2%fib), any close above will push the pair towards 1.7767 (50%fib).
• Strong support is seen at 1.7592 (23.6%fib) and break below could take the pair towards 1.7551(Lower BB ).
Recommendation: Good to sell around 1.7630, with stop loss of 1.7700 and target price of 1.7540
