• EUR/NZD edged higher on Wednesday as investors adjusted their position after US CPI data.
• U.S. annual consumer prices jumped 9.1% in June, the largest increase in more than four decades.
• Pair traded in 1.6341/1.6475 range and was last trading at 1.6405 in late US sesson.
• Technical signals are bearish as RSI is at 40, daily momentum studies 5,9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6437( 5DMA), any close above will push the pair towards 1.6571(50%fib )
• Strong support is seen at 1.6341(38.2%fib ) and break below could take the pair towards 1.6245 (Lower BB).
Recommendation: Good to sell around 1.6470, with stop loss of 1.6550 and target price of 1.6300.
