• EUR/NZD dipped on Wednesday as kiwi dollar continued to firm driven by the RBNZ's continued hawkish stance.
• RBNZ Governor Orr emphasized that the inflation challenge persists, citing widespread financial pressures as a rationale for maintaining a tight monetary policy stance.
• EUR/NZD has seen a 1.7709-1.7594 range on Wednesday, chart points to drop towards 1.7550 level .
• Technical signals show the pair could lose more ground in the short-term as RSI is at 46 , daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.7698(50%fib), any close above will push the pair towards 1.7752(Feb 6th high).
• Strong support is seen at 1.7590(38.2% fib) and break below could take the pair towards 1.7468(23.6% fib).
Recommendation: Good to sell around 1.7630, with stop loss of 1.7710 and target price of 1.7550
