• EUR/NZD recovered some ground on Wednesday as the pair was aided by profit-taking ahead of ECB meeting .
• The pair is currently approaching resistance at 1.7672 ( 38.2%fib). Resistance at 1.7672 is likely to cap further upside in the pair.
• Technical signals are bearish as RSI is at 45, daily momentum studies 5, 9 and 10 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.7672 ( 38.2%fib), any close above will push the pair towards 1.7746 (9DMA)
• On the downside, support is seen at 1.7509 (Lower BB ) and break below could take the pair towards 1.7479 (23.6% fib).
Recommendation: Good to sell around 1.7660, with stop loss of 1.7800 and target price of 1.7550.
