• EUR/NZD declined on Wednesday as buoyant risk sentiment boosted kiwi dollar .
• New Zealand also gained on expectation that the Reserve Bank of New Zealand (RBNZ) might hike by 50 basis points at its meeting on Feb. 23.
• Todays drop has put EUR/NZD back below 50%fib and has put the 38.2%fib back in play.
• Technical signals show the pair could lose more ground as RSI is at 43 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7105(50%fib), any close above will push the pair towards 1.7230 (61.8%fib).
• Immediate support is seen at 1.7054 (14DMA) and break below could take the pair towards 1.6976 (38.2% fib).
Recommendation: Good to sell round 1.7100, with stop loss of 1.7190 and target price of 1.7020
