• EUR/NZD initially gained on Friday as but gave up some ground after weak German retail sales data.
• German retail sales fell more than expected in November, decreasing by 2.5% compared with the previous month, data showed on Friday.
• EUR/NZD fell to 1.7513 after hitting daily high at 1.7607. Price is contained between two fibo retrace levels 1.7509 and 1.7607
• Technical signals are mixed as RSI is turning down, momentum studies, 5 and 9 DMAs are trending up.
• Immediate resistance is located at 1.7607 ( 38.2%fib), any close above will push the pair towards 1.7678(Higher BB)
• Strong support is seen at 1.7513(38.2 %fib ) and break below could take the pair towards 1.7319(23.6%fib).
Recommendation: Good to buy on dips around 1.7520 with stop loss of 1.7400 and target price of 1.7600
