• EUR/NZD declined sharply on Wednesday as euro continued to weaken against kiwi dollar as focus shifted to the European Central Bank's key rate decision .|
• The ECB meets on Thursday, and money markets price in an almost certain chance of a first interest rate cut.
• The euro was 0.32% lower against the kiwi dollar at 1.7557 , The pair traded in range 1.7626 / 1.7543 on Wednesday.
• From a technical viewpoint, RSI is strongly bearish at 31, daily momentum studies, 5, 9 and 11 are trending down.
• Immediate resistance is located at 1.7623(Daily high), any close above will push the pair towards 1.7660(38.2%fib).
• Immediate support is seen at 1.7543 (23.6%fib) and break below could take the pair towards 1.7493 (Lower BB).
Recommendation: Good to sell around 1.7600 , with stop loss of 1.7700 and target price of 1.7530
