• EUR/NZD declined on Wednesday as single currency attracted sellers on worries that eurozone will tip into recession.
• EUR/NZD drops below the 1.7772 (5DMA), slide halts at the 1.7703(23.6% fib) support, break below will accelerate towards 1.7600 level.
•Technical signals show the pair could lose more ground in the short-term as RSI is at 61 bearsih, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7772(5DMA), any close above will push the pair towards 1.7828(38.2% fib).
• Strong support is seen at 1.7703(23.6% fib) and break below could take the pair towards 1.7653(Lower BB)
Recommendation: Good to sell around 1.7760, with stop loss of 1.7860 and target price of 1.7650
