• EUR/NZD dipped on Friday as investors absorbed a mix of economic data from the Eurozone.
• German inflation climbed to 2.1%, according to preliminary data from the Federal Statistics Office on Friday. Analysts had expected EU-harmonised inflation to rise to 2.0% from 1.8% in the previous month..
• Data from Germany, France, Italy, and Spain indicate that inflation remained largely steady in August, staying close to the target rate once again..
• Germany’s unemployment has surpassed three million for the first time in ten years, according to figures released by the labour office on Friday.,
• In August, a total of 3.02 million people were unemployed in Germany on a seasonally unadjusted basis, marking an increase of 46,000 from the previous month.
• Immediate resistance is located at 2.0048(23.6%fib), any close above will push the pair towards 2.0109 (Higher BB).
• Immediate support is seen at 1.9742(SMA20) and break below could take the pair towards 1.9702(38.2%fib).
Recommendation: Good to buy on dips around 1.9750 with stop loss of 1.7690 and target price of 1.9870.
