• EUR/NZD declined to hit one-month low on Tuesday as escalating Russia-Ukraine crisis weighed on the pair.
• Ukraine crisis escalated further after Putin recognised independence of Ukraine break-away regions.
• Investors awaited RBNZ rate decision on Wednesday, Reserve Bank of New Zealand is widely expected to raise the official cash rate by 25 basis points to 1.00% on Wednesday
• Technical signals show the pair could lose more ground as RSI is at 40 bearish, and 5, 9,11 DMA’s are trending south.
• Immediate resistance is located at 1.6885 (50%fib), any close above will push the pair towards 1.6950 (61.8%fib).
• Immediate support is seen at 1.6787(38.2%fib) and break below could take the pair towards 1.6713(Lower BB).
Recommendation: Good to sell round 1.6820, with stop loss of 1.6950 and target price of 1.6710
