• EUR/NZD traded within limited range on Wednesday as lack of key economic data in the Eurozone and the New Zealand kept movement limited .
• Wednesday's data calendar was light in Europe, consisting mainly of some German factory numbers.
•EUR/NZD has seen a 1.7964 -1.7910 range on Wednesday , bear are on course to force a daily close under 23.6% fib support.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 45 bearish daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.7971(38.2%fib), any close above will push the pair towards 1.8047(50%fib).
• Strong support is seen at 1.7874(23.6% fib) and break below could take the pair towards 1.7831 (Lower BB )
Recommendation: Good to sell around 1.7920 with stop loss of 1.8060 and target price of 1.7850
