• EUR/NZD edged higher as investors evaluated the anticipated rate cut from the RBNZ..
•Investors are bracing for the Reserve Bank of New Zealand’s policy meeting on Wednesday, where the central bank is widely expected to deliver a 50-basis-point cut, reducing its rate to 4.75%.
• Additionally, ongoing geopolitical tensions in the Middle East continued to weigh on risk-sensitive currencies.
• Immediate resistance is located at 1.7978(23.6% fib), any close above will push the pair towards 1.8081( Higher BB).
• Immediate support is seen at 1.7889(38.2%fib) and break below could take the pair towards 1.7792(50%fib).
Recommendation: Good to buy around 1.7880 with stop loss of 1.7800and target price of 1.7950.
