• EUR/NZD dipped on Thursday as euro attracted sellers after ECB meeting showed European Central Bank's cautious stance on monetary policy adjustments.
.• The ECB left policy unchanged at the Jan 24-25 meeting and its president Christine Lagarde pushed back on talk of interest rate cuts, arguing that price pressures remained abundant, so there was no room for any talk of policy reversal.
• EUR/NZD retains its near-term downtrend momentum , chart points to an drop towards 1.7400.
• Technical signals show the pair could lose more ground as RSI is at 40, and 5, and 9 DMA’s are trending south.
• Immediate resistance is located at 1.7511(50%fib), any close above will push the pair towards 1.7592 (61.8%fib).
• Immediate support is seen at 1.7444 (38.2%fib) and break below could take the pair towards 1.7389 (Lower BB).
Recommendation: Good to sell round 1.7480, with stop loss of 1.7640 and target price of 1.7400
