• EUR/NZD eased after the European Central Bank cut its policy rate by 25 basis points.
•The European Central Bank (ECB) implemented its fifth rate cut since June, reducing the deposit rate from 3.0% to 2.75%, a move that had been widely anticipated by the market.
• ECB President Christine Lagarde said that the policy direction is clear though data will help determine the pace of cuts.
• Bulls gained momentum initially after ECB decision ,but failed to close above Higher Bollinger Bands.
• Immediate resistance is located at 1.8476(Higher BB), any close above will push the pair towards 1.8543(23.6%fib )
• Strong support is seen at 1.8404 (38.2%fib ) and break below could take the pair towards 1.8305(Lower BB).
Recommendation: Good to buy around 1.8400, with stop loss of 1.8320 and target price of 1.8480
