FxWirePro: EUR/NZD edged lower, set to stay on back foot

• EUR/NZD edged lower  on Wednesday after the Federal Reserve lowered interest rates in a widely expected move..

• The Fed's decision to lower the benchmark policy rate by a quarter of a percentage point to the 3.50%-3.75% range drew three dissents.

• Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeffrey Schmid argued that the policy rate should be left unchanged, while Fed Governor Stephen Miran again advocated for a larger half-percentage-point reduction.

• The market has priced in a 78% chance that the Fed will hold interest rates steady next month, compared with a 70% probability just before the rate cut announcement.

• Immediate resistance is located at 2.0335 (38.2%fib), any close above will push the pair towards 2.0370(SMA 20).

• Immediate support is seen at 2.0058 (50%fib) and break below could take the pair towards 1.9923(Lower BB).

Recommendation: Good to sell around 2.0120 with stop loss of 2.0230 and target price of 2.0000