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FxWirePro:EUR/NZD falls on weak euro zone economic data, plunge to test a key fibo grows

• EUR/NZD declined on Monday as  weak data on Eurozone inflation and GDP weighed on euro. 

• Consumer price growth in the 19 countries sharing the euro accelerated to 10.7% in October from 9.9% a month.

• Gross domestic product figures published on Monday by Eurostat confirmed eurozone growth slowed in the third quarter, rising 0.2 per cent from the previous quarter.

• Technical signals show the pair could lose more ground as RSI is falling, and 9, 11,21 DMA’s are trending south. 

• Immediate resistance is located at 1.7047(50%fib), any close above will push the pair towards 1.7091(5DMA).

• Immediate support is seen at 1.6890 (38.2%fib) and break below could take the pair towards 1.6776(Sep 26th low).

Recommendation: Good to sell round 1.6970, with stop loss of 1.7040 and target price of 1.6900
 

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