• EUR/NZD declined on Thursday as euro was dragged lower after the Bank of England left policy steady as the Eurozone bloc's investors seeked direction after last week's Fed’s meeting.
• At GMT 18:09, the pair was trading down 0.25 percent at 1.6884 after reaching daily low at 1.6880.
• The pair has traded a 55 pip range thus far Thursday, 1.6935 -1.6880.Unless there is major downtrend is set to extend.
• Technical signals are strongly bearish as RSI is 47, daily momentum studies 9, 11 and 21 DMAs are trending down.
• Immediate resistance is located at 1.6935 ( 50%fib), any close above will push the pair towards 1.6992 (61.8% fib)
• Strong support is seen at 1.6880 (38.2%fib ) and break below could take the pair towards 1.6812 (23.6%fib).
Recommendation: Good to sell around 1.6880, with stop loss of 1.6950 and target price of 1.6800.
