• EUR/NZD declined on Wednesday as the pair attracted sellers ahead of ECB meeting.
• EUR/NZD failed to close above 1.6689 (9DMA) and 1.6700 (32.8%fib), giving bears hope. That could see the pair weaken in the near term.
• Technical signals show the pair could lose more ground in the short-term as RSI is bearish at 39, daily momentum studies 5 and 9 DMAs are trending down.
• Immediate resistance is located at 1.6649 (5DMA), any close above will push the pair towards 1.6689 (9DMA).
• Strong support is seen 1.6607(23.6%fib) and break below could take the pair towards 1.6577(6th Sep low)
Recommendation: Good to sell around 1.6640, with stop loss of 1.6720 and target price of 1.6580
