FxWirePro:EUR/NZD nears lower end of range, critical support lies ahead

• EUR/NZD held near recent low on Wednesday as bears remained cautious ahead of  Fed meeting, where policy makers' projections are likely to be scrutinized closely by investors.  

• Investor attention is now squarely on the Fed amid expectations the U.S. central bank will maintain its gloomy outlook on the economy grappling with the COVID-19 pandemic while holding rates near zero.

• At GMT 17:00, the pair was trading down 0.59 percent   at  1.7537.Moving averages ,daily RSIs imply bearish momentum is in place.

• Immediate resistance is located at 1.7586(38.2% fib), any close above will push the pair towards 1.7682 (5 DMA).

• Immediate support is seen at 1.7519(Daily low) and break below could take the pair towards 1.7417 (23.6% fib).

Recommendation: Good to sell around 1.7550, with stop loss of 1.7700 and target price of 1.7400