FxWirePro: EUR/NZD drifts lower , could be on verge of a bigger drop
• EUR/NZD declined on Monday as higher oil prices and as upbeat economic data from China lifted New Zealand dollar across the board.
• Oil prices rebounded as positive economic data from China and the United States spurred hopes for demand growth despite recession fears.
• The pair picked up downside momentum and is nearing 1.6143 (23.6% fib) support. A close below will opens up 1.6100 level in the short term.
• Immediate resistance is located at 1.6248( 5DMA), any close above will push the pair towards 1.6339(38.2%fib).
• Strong support is seen at 1.6143 (23.6% fib) and break below could take the pair towards 1.6091 ( Lower BB).
Recommendation: Good to sell around 1.6200, with stop loss of 1.6300 and target price of 1.6100
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