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FxWirePro:EUR/NZD drifts lower,could be on verge of a bigger drop

• EUR/NZD declined on Monday as the pair attracted sellers  ahead of a slew of Eurozone data and  Fed event.

• Investors are now focused on Euro Zone April HICP, Q1 GDP & US Q1 employment costs data on Tuesday .

• The pair reaches 1.7910 after extending south from 1.8015 (Daily high). 1.7910 is the lowest level since April 15th.

• Technically, the moving averages are indicating a downward trend, while the Relative Strength Index (RSI) is strongly bearish at 46.

• Immediate resistance is located at 1.7988 (38.2%fib), any close above will push the pair towards 1.8020(Daily high).

• Immediate support is seen at 1.7910 (23.6% fib) and break below could take the pair towards 1.7888(Lower BB).

Recommendation: Good to sell round 1.7940, with stop loss of 1.8100 and target price of 1.7860

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