• EUR/NZD eased on Wednesday as investors awaited European Central Bank rate decision on Thursday.
• The European Central Bank is likely to lower interest rates again on Thursday, arguing inflation in the euro zone is now increasingly under control and the economy is stagnating..
• Business activity , together with the September inflation estimate, all came in marginally below expectations, which is likely to have swung the ECB's balance in favor of a rate cut..
• 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 1.8012(23.6%fib), any close above will push the pair towards 1.8091 (Higher BB)
• Support is seen at 1.7914(50%fib) and break below could take the pair towards 1.7831(61.8%fib)
Recommendation: Good to sell around 1.7940, with stop loss of 1.8100 and target price of 1.7760
