• EUR/NZD steadied on Tuesday but gains were limited ahead of central bank meetings, and key U.S. economic data.
• EUR/NZD approached to test resistance 38.2%fib but retreated slightly as bulls lost strength.
•The pair inability to hold gains above 38.2% fib, may increases the likelihood of a drop towards 1.6750 level. .
• Technical are bearish as RSI is lower at 49 bullish, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6885 (38.2%fib), any close above will push the pair towards 1.6905(100DMA).
• Strong support is seen at 1.6775 (Daily low) and break below could take the pair towards 1.6725 (23.6% fib )
Recommendation: Good to sell around 1.6900, with stop loss of 1.7000 and target price of 1.6810
