FxWirePro: EUR/NZD downside pressure builds, key support level in focus

• EUR/NZD declined   on Monday as kiwi dollar gained ahead of  the Reserve Bank of New Zealand and Chinese purchasing managers' index (PMI) data.

•The RBNZ will meet next Wednesday and  is anticipated to maintain its current official cash rate of 5.5%, unchanged since the last adjustment made in May.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 46 bearish, daily momentum studies  5, 9 and 11 DMAs are trending  down.

• Immediate resistance is located at 1.7996( 5DMA), any close above will push the pair towards 1.8046 (38.2%fib).

• Strong support is seen at 1.7911(23.6% fib) and break below could take the pair towards 1.7871 ( Nov 3rd low).

Recommendation: Good to sell around 1.7970, with stop loss of 1.8100 and target price of 1.7900