FxWirePro: EUR/NZD extends drop, faces 23.6%fib support

• EUR/NZD extended its declined on Friday kiei dollar was supported by better than expected New Zealand retail sales.

• New Zealand's third-quarter Retail Sales exceeded projections by holding steady at 0% quarter-on-quarter while demonstrating a 1% uptick in consumption spending.

• EUR/NZD dived below the 5DMA and trades down to a 1.7959  low.

• Technical lean bearish, RSI is turning sharply lower, momentum studies, 9, 11 DMAs falling southwards.

• Immediate resistance is located at 1.8044 ( 5 DMA), any close above will push the pair towards 1.8071 ( 38.2% fib)

• Support is seen at 1.7942(23.6%fib) and break below could take the pair towards 1.7739(Nov 3rd low).

Recommendation: Good to sell around 1.7960, with stop loss of 1.8100  and target price of 1.7880.