FxWirePro: EUR/NZD bulls lose traction, cannot add to overnight gains

• EUR/NZD slipped lower on Friday   as markets absorbed Eurozone economic figures and looked ahead to new drivers.

• Friday’s official figures showed the euro area posted stronger third-quarter growth, in line with initial projections.

• GDP grew by 0.2% in the third quarter, up from the 0.1% increase in Q2. The figure was in line with the flash estimate released on October 30..

• Annual GDP growth slipped to 1.4%, down from 1.5% in Q2, though the figure was revised higher from the initial 1.3% reading.

• The trade surplus jumped to €19.4 billion in September from €1.9 billion in August, lifted by quicker export growth to the US even after tariff-related demand pressures.

• Immediate resistance is located at 2.0607(23.6%fib), any close above will push the pair towards 2.0696(Higher BB).

• Immediate support is seen at 2.0422 (Daily low) and break below could take the pair towards 2.0311(SMA 20).

Recommendation: Good to buy on dips around 2.0450 with stop loss of 2.0380 and target price of 2.0550