• EUR/NZD declined sharply on Thursday after the ECB hiked interest rates for the tenth straight time.
• The European Central Bank (ECB) hiked its key interest rate to a record high, but also hinted that this latest increase would be its last.
• EUR/NZD bears have tightened their grip on this this pair,a break, daily close under 38.2% fib support could deepen losses.
• Technical signals highlight downside risk as RSI is at 41, daily momentum studies 5, 9 and 11 DMAs are trending south.
• Immediate resistance is located at 1.8147 (23.6% fib), any close above will push the pair towards 1.8167 (11DMA).
• Strong support is seen at 1.7989 (38.2% fib) and break below could take the pair towards 1.7880 (50% fib )
Recommendation: Good to sell below 1.8000, with stop loss of 1.8150 and target price of 1.7920
