• EUR/NZD paused its decline on Tuesday as investors awaited to euro area PMI data due on Thursday.
.• European PMIs, anticipated to be released on Thursday, are expected to show improvement but are likely to remain in contraction territory, reflecting the ongoing challenges of sluggish growth in.
• EUR/NZD has seen a 1.7481-1.7553 range on Tuesday, chart points to an drop towards 1.7450.
• Technical signals show the pair could lose more ground as RSI is at 42, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7581(38.2%fib), any close above will push the pair towards 1.7644 (Feb 15th high).
• Immediate support is seen at 1.7472(23.6%fib) and break below could take the pair towards 1.7436 (Lower BB).
Recommendation: Good to sell round 1.7530, with stop loss of 1.7640 and target price of 1.7450
