• EUR/NZD traded in tight range on Tuesday as markets prepared for highly anticipated U.S. CPI data that could set the tone for the market..
• US consumer price inflation is expected to show headline inflation rose 0.2% in the month and by 3.2% on an annual basis.
• Pair traded in 1.7563/1.7491 range and was last trading at 1.7511 in the US afternoon session.
• Technical signals are bullish as RSI is at 43, daily momentum studies 5,9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7547( 38.2%fib), any close above will push the pair towards 1.7646(50%fib)
• Strong support is seen at 1.7425 (23.6%fib ) and break below could take the pair towards 1.7409 (Lower BB).
Recommendation: Good to sell around 1.7520, with stop loss of 1.7640 and target price of 1.7430
