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FxWirePro: EUR/NZD neutral in the near-term, scope for downward resumption

•  EUR/NZD  saw little momentum on Wednesday as investors awaited Friday’s Germany HICP inflation data.

•  Germany's Harmonized Index of Consumer Prices (HICP) inflation is expected to remain unchanged at 3.1% for the year ending in January.

•  A close below 23.6%fib, would add to pair’s bullish  structure, opening the way for 1.7550 level 

•  From a technical viewpoint, RSI  is strongly bearish at 45, daily momentum studies, 5, 10 and 11 daily  MAs are pointing lower.

• Immediate resistance is located at 1.7725 (38.2%fib), any close above will push the pair towards 1.7757(Feb 6th high).

•  Immediate support is seen at 1.7590(23.6%fib) and break below could take the pair towards 1.7550(Lower BB).

Recommendation: Good to sell  around 1.7620 , with stop loss of 1.7700 and target price of 1.7550
 

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