• EUR/NZD dipped on Tuesday as the pair attracted sellers ahead of ECB meeting.
• The European Central Bank’s rate decision is up next on Thursday, with markets pricing in a 25 basis-point hike.
• The pair is currently approaching support at 38.2%fib. A break and daily close below will accelerate further down side towards 1.7450 level.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 48 bearish, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.7568 (5DMA), any close above will push the pair towards 1.7604(50%fib).
• Strong support is seen at 1.7512(38.2%fib) and break below could take the pair towards 1.7390 (23.6% fib )
Recommendation: Good to sell around 1.7520 with stop loss of 1.7600 and target price of 1.7450
