• EUR/NZD declined sharply on Wednesday after RBNZ stunned market with bigger rate rise.
• RBNZ unexpectedly raised interest rates by 50 basis points to a more than 14-year peak of 5.25% on Wednesday, saying inflation was still too high
• EUR/NZD drops swiftly from 1.7399 to hit low at 1.7170( 50%fib). Break lower at 1.7170 risks run towards 1.7100 level.
• Immediate resistance is located at 1.7327( 5DMA), any close above will push the pair towards 1.7374(23.6%fib).
• Strong support is seen at 1.7269 (38.2% fib and break below could take the pair towards 1.7170 ( 50%fib).
Recommendation: Good to sell around 1.7270, with stop loss of 1.7370 and target price of 1.7180
