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

• EUR/NZD dipped on Thursday  as  stronger kiwi dollar benefited bears but  sharp moves lower was  limited due to holiday-thinned.

• A daily close below 1.7986 (23.6%fib)will further improve the technical outlook, and open the possibility of a drop towards 1.6500 level.

• Technical signals are bearish as RSI is at 48, daily momentum studies  5, 9 and 10 DMAs are trending down.

• Immediate resistance is located at 1.8051 (5DMA ), any close above will push the pair towards 1.8145(38.2%fib).

• Strong support is seen at 1.7986 (23.6%fib) and break below could take the pair towards 1.7885(Nov 3rd low).

Recommendation: Good to sell   around 1.8050, with stop loss of 1.8150  and target price of 1.7960