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

• 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