• EUR/NZD saw little momentum on Wednesday as investors awaited Friday’s Germany HICP inflation data.
• Germany's Harmonized Index of Consumer Prices (HICP) inflation is expected to remain unchanged at 3.1% for the year ending in January.
• A close below 23.6%fib, would add to pair’s bullish structure, opening the way for 1.7550 level
• From a technical viewpoint, RSI is strongly bearish at 45, daily momentum studies, 5, 10 and 11 daily MAs are pointing lower.
• Immediate resistance is located at 1.7725 (38.2%fib), any close above will push the pair towards 1.7757(Feb 6th high).
• Immediate support is seen at 1.7590(23.6%fib) and break below could take the pair towards 1.7550(Lower BB).
Recommendation: Good to sell around 1.7620 , with stop loss of 1.7700 and target price of 1.7550
