• The EUR/NZD rally extended on Friday as surprisingly weak U.S. employment data stoked fears of a recession, prompting investors to dump the riskier Kiwi dollar.
• The U.S. jobs report showed that job growth slowed more than anticipated in July, with unemployment rising to 4.3%, indicating potential weakness in the labor market.
•Markets were already rattled by Thursday's downbeat U.S. factory activity survey.
•Technical highlight upside risks for EUR/NZD , with momentum studies, 5, 10 and 21 DMAs tracking north.
• Immediate resistance is located at 1.8328(38.2% fib), any close above will push the pair towards 1.8455(July 30th high).
• Support is seen at 1.8115(Daily low) and break below could take the pair towards 1.8014 (61.8% fib )
Recommendation: Good to buy around 1.8300, with stop loss of 1.8200 and target price of 1.8380
