• EUR/NZD declined on Thursday after data showed inflation in the euro zone was not as high as investors had feared.
• Consumer price inflation in the 20 countries sharing the euro currency rose 8.5% in February, compared with an increase of 8.6% a month earlier.
•EUR/NZD is probing support at 1.6114, Break lower risks run towards 1.6950 level.
• Technical signals are bearish as RSI is heading down at 49, daily momentum studies 9, 11 and 14 DMAs are trending down.
• Immediate resistance is located at 1.7078( 11DMA), any close above will push the pair towards 1.7132 (11DMA)
•Support is seen at 1.6967 (16th Feb low) and break below could take the pair towards 1.6924 (61.8% fib).
Recommendation: Good to sell on rally around 1.7050, with stop loss of .7150 and target price of 1.6930
