• EUR/NZD declined on Monday after data showed factory activity in the euro zone remained in a broad-based downturn.
•HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, dipped to 43.4 in September from August's 43.5, matching a preliminary estimate.
• The pair reaches 1.7609 after extending south from 1.7668 (Daily Asia high). 1.9720 is the lowest level since Jul 13th 2023.
•Technical signals show the pair could lose more ground in the short-term as RSI is at 27 bearsih, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7673(38.2% fib), any close above will push the pair towards 1.7737(9DMA).
• Strong support is seen at 1.7549(23.6% fib) and break below could take the pair towards 1.7494(July 13th low)
Recommendation: Good to sell around 1.7620, with stop loss of 1.7760 and target price of 1.7530
