FxWirePro :EUR/NZD grinding higher as frustrated shorts pare back

• EUR/NZD edged higher  on Wednesday as investors  adjusted their position after US CPI data.

• U.S. annual consumer prices jumped 9.1% in June, the largest increase in more than four decades.

• Pair traded in   1.6341/1.6475  range and was last trading at 1.6405 in late US sesson. 

• Technical signals are bearish as RSI is at 40, daily momentum studies  5,9 and 10 DMAs are trending down. 

•  Immediate resistance is located at 1.6437( 5DMA), any close above will push the pair towards 1.6571(50%fib )

• Strong  support is seen at 1.6341(38.2%fib   ) and break below could take the pair towards 1.6245  (Lower BB).

Recommendation: Good to sell  around 1.6470, with stop loss of 1.6550 and target price of 1.6300.