• EUR/NZD initially gained on Wednesday but gave up ground as a bigger than expected drop in French, German NRW inflation data was too much to overcome for the pair.
• At GMT 19:47, the pair was trading down 0.22 percent at 1.7835 .
• EUR/NZDerased Tuesdays’ gains, slide halts at the 1.7718(5DMA),break below will accelerate towards 1.7600 level.
• Immediate resistance is located at 1.7835 (23.6%fib ), any close above will push the pair towards 1.7925 (Higher BB).
• Strong support is seen at 1.7718(5DMA) and break below could take the pair towards 1.7686(38.2%fib).
Recommendation: Good to sell on around 1.7760, with stop loss of 1.7860 and target price of 1.7650
