• EUR/NZD declined on Friday as dovish comments from the European Central Bank (ECB) weighed on Euro.
• ECB ‘s Lagarde said on Thursday the said hardest and worst bit regarding inflation was likely over and that interest rates would be cut if inflation falls to the 2% level ,pushing back on expectations.
• The ECB acknowledged in its Economic Bulletin that the eurozone was experiencing a technical recession, with a soft landing scenario virtually certain.
• Technical signals show the pair could lose more ground as RSI is at 46 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7639 (38.2%fib), any close above will push the pair towards 1.7677(Higher BB).
• Immediate support is seen at 1.7481 (23.6% fib) and break below could take the pair towards 1.7380 (Lower BB).
Recommendation: Good to sell round 1.7540, with stop loss of 1.7700 and target price of 1.7460
