FxWirePro:EUR/NZD momentum negative despite the pause in losses

• EUR/NZD eased slightly on Thursday  as investors   assessed comments by European Central Bank President Christine Lagarde on the disinflation process in the euro zone .

• Investors drew positive inferences after Lagarde told a European Parliament that recent economic data out of the euro zone indicated that inflation is heading back to the target as predicted.

• EUR/NZD has seen a 1.7586-1.7642 range on Thursday, chart points to an drop  towards 1.7550.

• Technical signals show the pair could lose more ground as RSI is at 47, and 9, 11,21 DMA’s are trending south.

• Immediate resistance is located at 1.7677(38.2%fib), any close above will push the pair towards 1.7711 (Feb 13th high).

• Immediate support is seen at 1.7586(23.6%fib) and break below could take the pair towards 1.7513 (23.6%fib).

Recommendation: Good to sell round 1.7630, with stop loss of 1.7650 and target price of 1.7430