• EUR/NZD was little changed on Friday as investors stayed on sidelines ahead long weekend end
• Concluding a busy week for monetary policy, the Bank of Japan maintained its interest rates, as anticipated by the markets. However, Governor Kazuo Ueda dampened expectations for imminent rate hikes.
• 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 1.7969(50%fib), any close above will push the pair towards 1.8000(Psychological level)
• Support is seen at 1.7836(38.2%fib) and break below could take the pair towards 1.7724(Lower BB)
Recommendation: Good to sell around 1.7900, with stop loss of 1.8000 and target price of 1.9840