• EUR/NZD dipped on Wednesday as investors focus tuned to Thursday’s ECB rate decision.
• The European Central Bank is set to decide on Thursday whether to raise its key interest rate to a record peak in what should be its final step in the fight against inflation.
• EUR/NZD bears have tightened their grip on this this pair,a break, daily close under 50% fib support could deepen losses
• Technical signals highlight downside risk as RSI is at 46, daily momentum studies 5, 9 and 11 DMAs are trending south.
• Immediate resistance is located at 1.8159 (5DMA), any close above will push the pair towards 1.8229 (38.2% fib).
• Strong support is seen at 1.8109 (50% fib) and break below could take the pair towards 1.8035 (61.08% fib )
Recommendation: Good to sell below 1.8130, with stop loss of 1.8250 and target price of 1.8050
