• EUR/NZD initially gained on Tuesday but gave up most of the ground as investors digested Eurozone GDP data.
•A broader reading of the euro zone showed the economy narrowly avoided a technical recession in the last three months of 2023.
•The German economy, meanwhile, shrank in the final quarter of last year, prompting economists to warn on Tuesday of another recession.
• Technical signals are bearish as RSI is at 48 , daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.7740(50%fib), any close above will push the pair towards 1.7845(61.8%fib).
• Strong support is seen at 1.7614(38.2% fib) and break below could take the pair towards 1.7472 (23.6% fib )
Recommendation: Good to sell around 1.7680 with stop loss of 1.7760 and target price of 1.7600
