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FxWirePro:EUR/NZD neutral in the near-term, scope for downward resumption

• 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

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