FxWirePro: EUR/NZD dips after European PMIs disappoints, likely to falter

• EUR/NZD dipped on Thursday  as weaker-than-expected German and French PMI data showed that the euro zone economy is struggling to gain traction.

• The German economy, suffered a sharp loss of momentum at the end of the second quarter, with falling exports acting as a drag and economic uncertainty and inflation weighing on domestic demand.

• EUR/NZD hit daily low at 1.6733 after reaching daily high at 1.6896 . EUR/NZD last stood at 1.6745 in US session.

• Immediate resistance is located at 1.6812 (Higher BB), any close above will push the pair towards 1.6908(23.6%fib).

• Immediate support is seen at 1.6712 (38.2%fib)and break below could take the pair towards 1.6670 (9DMA).

Recommendation: Good to sell  around 1.6750, with stop loss of 1.6850 and target price of 1.6690.