• EUR/NZD dropped sharply on Wednesday as the euro faced selling pressure ahead of the Eurozone's August inflation data later in the week.
•A crucial inflation report for the Eurozone is due on Friday, and investors will be closely monitoring the data for insights on future monetary policy.
• 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 1.7923(Daily high), any close above will push the pair towards 1.7966(50%fib)
• Support is seen at 1.7808(38.2%fib) and break below could take the pair towards 1.7750 (Lower BB)
Recommendation: Good to sell around 1.7820, with stop loss of 1.7900 and target price of 1.7760
