• EUR/NZD declined on Thursday after European Central Bank eased the pace of its rate hikes.
• European Central Bank delivered its seventh straight hike but slowed the pace of its policy tightening with a quarter percentage point increase.
•The pair reaches 1.7519 after extending south from 1.7841(Daily high). 1.7519 is the lowest level since April 14th.
• Technical signals show the pair could lose more ground as RSI is lower 44, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7643(38.2%fib), any close above will push the pair towards 1.7716(5DMA).
• Immediate support is seen at 1.7507 (50%fib) and break below could take the pair towards 1.7377(61.8%fib).
Recommendation: Good to sell round 1.7520, with stop loss of 1.7600 and target price of 1.7440
