FxWirePro: EUR/NZD struggle to extend its recovery ahead of Fed policy decision

• EUR/NZD dipped on Wednesday after initially gaining as traders remained on edge as markets waited for the outcome of the Federal Reserve policy meeting.

• The pair rose   as high as 1.6247 before paring gains as investors awaited Fed rate decision, policy statement   due at 1800 GMT. 25 bps hike is expected, powell news conference starts at 1830 GMT.

•Support at 1.6141 (50% fib is holding ,bulls will be gunning for 38.2%fib at 1.6278 but need a higher high.

• Immediate resistance is located at 1.6278 ( 38.2%fib), any close above will push the pair towards 1.6415 (March  3rd High).

Strong support is seen at 1.6141 (50% fib ) and break below could take the pair towards 1.6072 (9DMA).

Recommendation: Good to buy  around 1.6120, with stop loss of 1.6000 and target price of 1.6210.