FxWirePro: EUR/NZD recovers slightly, but downtrend remains intact

• EUR/NZD edged higher  on Monday as markets absorbed Eurozone manufacturing data and looked ahead to new drivers.

• Euro zone factory activity slipped back into contraction last month, while Germany’s key manufacturing sector saw a sharp deterioration in business conditions.

• European economies, France's manufacturing sector contracted further in November as a drop in production and slower demand for goods hit the sector.

• S&P Global's survey said demand for French goods had continued to weaken in November, extending the current sequence of declining factory orders to three-and-a-half years.

• Italy's manufacturing sector crept back into growth territory in November, a positive sign for its struggling economy.

• Immediate resistance is located at 2.0377(38.2%fib), any close above will push the pair towards 2.0449(SMA 20).

• Immediate support is seen at 2.0169 (50%fib) and break below could take the pair towards 2.0130(Lower BB).

Recommendation: Good to sell around 2.0300 with stop loss of 2.0380 and target price of 2.0220