FxWirePro: EUR/NZD dips as Kiwi dollar gains on New Zealand CPI data

• EUR/NZD slipped lower on Monday as kiwi dollar gained strength  after New Zealand’s CPI inflation data .

• New Zealand’s annual inflation rose to 3.0% in the third quarter, matching analysts’ expectations and hitting the upper end of the central bank’s target range, official data showed on Monday.

• Statistics New Zealand reported that the consumer price index rose 1.0% in the third quarter compared with the previous quarter, accelerating from a 0.5% increase in the second quarter..

• Statistics New Zealand attributed the third-quarter CPI increase to higher costs for electricity and rent, as well as rises in local government taxes.

• Immediate resistance is located at 2.0389 (Daily high), any close above will push the pair towards 2.0497 (23.6%fib).

• Immediate support is seen at 2.0220 (SMA 20) and break below could take the pair towards 2.0181 (38.2%fib).

Recommendation: Good to sell  around 2.0280 with stop loss of 2.0350  and target price of 2.0160