• EUR/NZD eased on Wednesday as concerns over slow growth in the euro zone and growing concerns about Ukraine-Russia stress weighed on euro.
• Ukraine fired a volley of British Storm Shadow cruise missiles into Russia on Wednesday, a day after it fired U.S. ATACMS missiles upon approval from the outgoing administration of U.S. President Joe Biden
•The escalation of Russia-Ukraine tensions has caused currency markets to bounce after headlines.
• 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 1.7996(SMA 14), any close above will push the pair towards 1.8020(50%fib)
• Support is seen at 1.7931(38.2%fib) and break below could take the pair towards 1.782 (23.6%fib))
Recommendation: Good to sell around 1.7940, with stop loss of 1.8000 and target price of 1.7850
