FxWirePro: EUR/NZD neutral in the near term, scope for downward resumption

• EUR/NZD traded in tight range on Monday as  investors braced for a crucial U.S. inflation print and the European Central Bank's (ECB) monetary policy decision later this week.

• U.S. inflation data is due on Wednesday  could set the tone for global interest rate expectations, while the ECB is widely anticipated to hold its  lending rate at 3.75% when it meets on Thursday.

• A close below 1.8088(50% fib)support puts  lower bollinger band  in focus.

• Technicals   highlight dowside risks. The 5, 9 and 11  day moving averages are trending south, daily RSI is pointing downwards. 

• Immediate resistance is located at 1.8200(5DMA), any close above will push the pair towards 1.8224(38.2%fib).

• Strong support is seen at 1.8088(50% fib) and break below could take the pair towards 1.8052(Lower BB ).

Recommendation: Good to sell  around 1.8160, with stop loss of 1.8280 and target price of 1.8090