FxWirePro: EUR/NZD dips below lower range, bearish bias increases

• EUR/NZD edged lower  on Tuesday as markets absorbed Eurozone economic data and looked ahead to new drivers.

• Euro zone inflation rose unexpectedly last month, reinforcing expectations that the European Central Bank will stay on hold, Eurostat data showed.

• Euro zone inflation rose to 2.2% from 2.1%, staying near the European Central Bank’s 2% target as lower energy prices offset strong services inflation.

• The euro zone jobless rate held steady at 6.4% in October, unchanged from September, Eurostat reported Tuesday..

• Immediate resistance is located at 2.0321(50%fib), any close above will push the pair towards 2.0442(SMA 20).

• Immediate support is seen at 2.0153 (61.8%fib) and break below could take the pair towards 2.0117(Lower BB).

Recommendation: Good to sell around 2.0300 with stop loss of 2.0380 and target price of 2.0220