• 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
