• EUR/NZD dipped on Friday as inflation figures from the euro zone led to minimal changes in the policy outlook for the ECB.
• Inflation in the 20 Eurozone countries plummeted to 2.2% in August, creating a strong possibility for the European Central Bank to consider cutting interest rates.
• The August figure dropped to 2.2% from 2.6% in July, according to data released Friday by Eurostat, the European Union's statistics agency.
• The technical outlook remains bearish and points to eventual bigger losses, fourteen-day momentum is negative, reinforcing the scope for a bigger slump
• Immediate resistance is located at 1.7727(Daily high), any close above will push the pair towards 1.7821(50%fib)
• Support is seen at 1.7645(38.2%fib) and break below could take the pair towards 1.7582 (Lower BB)
Recommendation: Good to sell around 1.7690, with stop loss of 1.7750 and target price of 1.7620
