• EUR/NZD declined on Monday as traders remained short on ahead of upcoming ECB meeting .
•Investors moved to price in a 25 bp interest rate cut from the ECB with near-certainty at its Thursday meeting as data pointed to deteriorating euro zone activity.
• EUR/NZD has seen range 1.7896-1.7868 the pair is likely to be dipped towards 1.7800 level.
• Immediate resistance is located at 1.7997 (38.2% fib), any close above will push the pair towards 1.8063 (Oct 10th high).
• Immediate support is seen at 1.7897 (50% fib) and break below could take the pair towards 1.7810 (61.8% fib).
Recommendation: Good to sell round 1.7900, with stop loss of 1.7980 and target price of 1.7820
