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FxWirePro: EUR/ NZD succumbs to bearish forces as weak Eurozone economic data weighs

• EUR/ NZD dipped on Wednesday as single currency came under pressure following weak Eurozone economic data.

• Euro also came under pressure following downbeat Chinese manufacturing data   a worry for the euro zone, particularly Germany, since it relies heavily on Chinese business.

• Technical are bearish, daily RSI is negative at 49, daily momentum studies 5,8  and 11 DMAs are trending down. 

• Immediate resistance is located at 1.8104(38.2 % fib), any close above will push the pair towards 1.8117(5DMA).

•  Immediate support is seen at 1.7988 (50 % fib) and break below could take the pair towards 1.7891(61.8% fib).

Recommendation: Good to sell  around 1.8010 with stop loss of 1.815020  and target price of 1.7900
 

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