• EUR/NZD recovered ground on Wednesday as recovery rally was aided by some profit-taking on shorts .
• EUR/NZD recovered to trade last at 1.7774, Price contained between two Fibo retrace levels, 1.7793 and 1.7616.
• Technical signals are brearish as RSI is still trending lower, moving averages are trending down.
• Immediate resistance is located at 1.7800 (38.2% fib), any close above will push the pair towards 1.7937 ( 50% fib).
• Immediate support is seen at 1.7616(23.6%fib) and break below could take the pair towards 1.7570 (Lower BB).
Recommendation: Good to sell around 1.7780, with stop loss of 1.7880 and target price of 1.7700.
