• EUR/NZD declined on Wednesday as euro attracted sellers on dovish ECB expectations .
• Markets ignored positive German investor morale which came positive for first time since Ukraine war.
• At GMT 15:45, the pair was trading down 0.32 percent at 1.6717 after reaching daily low at 1.6670.
• Technicals are favouring bullish sentiment as RSI is down at 44 and the pair is trading below 5& 9-DMAs.
• Immediate resistance is located at 1.6776(50% fib), any close above will push the pair towards 1.6850(14DMA).
• Strong support is seen at 1.6670 (38.2% fib) and break below could take the pair towards 1.6624 (Ichimoku Cloud Base ).
Recommendation: Good to sell around 1.6720, with stop loss of 1.6820 and target price of 1.6640
