• The EUR/NZD initially rose on Tuesday but retreated after data showed a decline in Eurozone inflation last month.
• Consumer inflation in the 20 countries using the euro currency slowed to 2.5% in June, down from 2.6% the previous month, aligning with economists' expectations.
• This closely watched core inflation figure held steady at 2.9%, coming above expectations for 2.8%, mostly on a continued 4.1% rise in services prices.
• From a technical viewpoint, RSI is turning lower , daily momentum studies, 5, 10 and 11 daily are flat.
• Immediate resistance is located at 1.7689 (38.2%fib), any close above will push the pair towards 1.7775(23.6%fib).
• Immediate support is seen at 1.7626(50%fib) and break below could take the pair towards 1.7756 (61.8%fib).
Recommendation: Good to sell around 1.7680, with stop loss of 1.7750 and target price of 1.7600
