FxWirePro: EUR/NZD rallies above 1.6600 but reversal is likely

•EUR/ NZD staged a recovery from 1.6630 on Wednesday as investors squared their positions before the Fed meeting.

• The New Zealand dollar was a standout loser on Wednesday, ceding ground to most major currencies, particularly the US dollar and pound and euro.

• The pair traded as high as 1.6634 before easing slightly to  trade around 1.6622 in the US session.

• Technicals are favouring bearish sentiment as RSI is at 49 and the pair is trading below   14,21 & 30-DMAs . 

• Immediate resistance is located at 1.6647 (38.2% fib), any close above will push the pair towards 1.6700 (Psychological level).

• Support is seen at 1.6525 (23.6% fib ) and break below could take the pair towards 1.6440 (Lower BB).

Recommendation: Good to sell around 1.6630, with stop loss of 1.6700 and target price of 1.6550