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FxWirePro: EUR/NZD drifts lower, could be on verge of a bigger drop

• EUR/NZD declined on Wednesday   as  the pair attracted sellers after data showed U.S. inflation slowed more than expected.

•The pair is approaching 61.8%fib,a daily close below   will accelerate towards 1.7150 in the short term.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is   bearish at 35.

• Immediate resistance is located at 1.7333( Daily high), any close above will push the pair towards 1.7378 ( 5DMA).

• Strong support is seen at 1.7207(61.8%fib) and break below could take the pair towards 1.7167 (5th April Low).

Recommendation: Good to sell around 1.7260, with stop loss of 1.7380 and target price of 1.7180.

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