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

• EUR/NZD declined   on Monday as higher oil prices and as upbeat economic data from China lifted  New Zealand dollar across the board.

• Oil prices rebounded   as positive economic data from China and the United States spurred hopes for demand growth despite recession fears.

• The pair  picked up  downside momentum and is nearing 1.6143 (23.6% fib) support. A close below will opens up 1.6100 level in the short term.

•   Immediate resistance is located at 1.6248( 5DMA), any close above will push the pair towards 1.6339(38.2%fib).

• Strong support is seen at 1.6143 (23.6% fib) and break below could take the pair towards 1.6091 ( Lower BB).

Recommendation: Good to sell around 1.6200, with stop loss of 1.6300 and target price of 1.6100