FxWirePro:EUR/NZD drifts lower,could be on verge of a bigger drop

• EUR/NZD declined on Thursday as euro attracted sellers after traders perceived the European Central Bank's   monetary policy meeting and news conference as dovish.

•The ECB left its policy rates steady, and the deposit rate remained at 4%. The meeting was expected to be a regular evaluation with no fresh policy signals, which is consistent with expectations.

• The pair reaches 1.7697 after extending south from 1.7864 (Daily high). 1.7697 is the lowest level since Jan 17th.

• Technical signals show the pair could lose more ground as RSI has turned sharply lower, and 5, 9 DMA’s are trending south.

• Immediate resistance is located at 1.7800 (38.2%fib), any close above will push the pair towards 1.7863(9 DMA).

• Immediate support is seen at 1.7722 (50% fib) and break below could take the pair towards 1.7637 (61.8% fib).

Recommendation: Good to sell round 1.7740, with stop loss of 1.7850 and target price of 1.7660