FxWirePro: EUR/NZD holds tight range ahead of ECB rate decision

• EUR/NZD traded in tight range as investors adopted a cautious approach ahead of European Central Bank rate decision.

•The European Central Bank is almost certain to cut interest rates again on Thursday

 • The ECB reduced its deposit rate to 3.75% in June, and with several policymakers supporting another cut, the debate is expected to center on the pace of future reductions in borrowing costs.

• The likely outcome is that ECB President Christine Lagarde will maintain the bank's recent stance of making decisions on a meeting-by-meeting basis, guided by incoming data.

• Immediate resistance is located at 1.8042(38.2%fib), any close above will push the pair towards 1.8215(Aug 23rd high)

• Support is seen at 1.7922 (50%fib) and break below could take the pair towards 1.7796(61.8%fib)

Recommendation: Good to sell around 1.7970, with stop loss of 1.8050 and target price of 1.7880