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FxWirePro:EUR/NZD outlook weaker on renewed downside pressure

• EUR/NZD declined on Monday   as the pair attracted sellers after data showed US factory activity slips for a second month in May.

• The Institute for Supply Management's manufacturing purchasing managers index for May fell to 48.7 from 49.2 in April.

• At GMT 15:37, the pair was trading down 0.28 percent   at 1.7611.

• Technical signals show the pair could lose more ground as RSI is falling at 34, and 9, 11,21 DMA’s are trending south.

• Immediate resistance is located at 1.7672(38.2%fib), any close above will push the pair towards 1.7775(50%fib).

• Immediate support is seen at 1.7573 (38.2%fib) and break below could take the pair towards 1.7531(Lower BB ).

Recommendation: Good to sell round 1.7630, with stop loss of 1.7740 and target price of 1.7560

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