• EUR/NZD declined on Monday as dovish guidance from policymakers hurt euro across the board.
• ECB's Centeno argued that the ECB should lower rates sooner rather than later to prevent European inflation from falling too far below the ECB's 2% objective.
• The ECB kept its key rate unchanged at a record high 4% last Thursday but sounded confident that inflation was coming under control.
• 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 1.7750 (50%fib), any close above will push the pair towards 1.7824(Daily high).
• Immediate support is seen at 1.7666 (38.2%fib) and break below could take the pair towards 1.7578(23.6%fib).
Recommendation: Good to sell round 1.7720, with stop loss of 1.7830 and target price of 1.7610
