• EUR/NZD slipped lower on Wednesday as New Zealand dollar rallied on more news of China stimulus.
• In an effort to boost domestic demand, China announced plans to provide one-time financial assistance to vulnerable groups, alongside a wider stimulus package.
• Additionally, the Kiwi gained from stronger commodity prices, reinforcing a positive risk sentiment.
•At GMT 18:00, the pair was trading down 0.57 percent at 1.7688, reversing course from day high.
• Immediate resistance is located at 1.7806 (38.2% fib), any close above will push the pair towards 1.7932( 50% fib).
• Immediate support is seen at 1.7644(23.6%fib) and break below could take the pair towards 1.7597 (Lower BB).
Recommendation: Good to sell around 1.7680, with stop loss of 1.7750 and target price of 1.7600.
