FxWirePro:EUR/NZD reverses recent rally, bias back to downside

• EUR/NZD declined on Wednesday as riskier assets like kiwi dollar rallied after Federal Reserve  signalled interest rate cut in 2024.

• New Zealand will report third-quarter economic growth on Thursday, with analysts expecting gross domestic output to have expanded by a tepid 0.2% from the previous quarter's 0.9%.

•The upcoming policy announcements from both the European Central Bank and the Bank of England, scheduled for Thursday, are anticipated to reveal decisions maintaining unchanged interest rates.

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

• Immediate resistance is located at 1.7587 (38.2%fib), any close above will push the pair towards 1.7642 (14DMA).

• Immediate support is seen at 1.7469(23.6%fib) and break below could take the pair towards 1.7400 (Psychological level).

Recommendation: Good to sell round 1.7520, with stop loss of 1.7600 and target price of 1.7430