• EUR/NZD initially dipped but recovered some ground as investors digested Wednesday’s Fed Reserve rate cut and a series of central bank policy meetings Thursday.
• Positive U.S. data boosted investor sentiment, featuring an unexpected decline in weekly jobless claims and a strong Philadelphia Fed index.
• 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 1.7944(50%fib), any close above will push the pair towards 1.8000(Psychological level)
• Support is seen at 1.7813 (38.2%fib) and break below could take the pair towards 1.7646(23.6 %fib)
Recommendation: Good to sell around 1.7900, with stop loss of 1.8000 and target price of 1.7920
