• 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.
