FxWirePro: EUR/NZD downside pressure builds, key support level in focus

• EUR/NZD slipped lower on Friday as  softer than expected Spanish and French inflation figure weighed on euro.

• Harmonized inflation in France decreased to an annual rate of 1.5% in September, down from 2.2%. Meanwhile, the equivalent rate in Spain fell to 1.7% in September, down from 2.4% in August.

•Meanwhile, other data showed German unemployment rises more than expected in September. The office said the number of unemployed increased by 17,000 in seasonally adjusted terms to 2.82 million.

•At GMT 19:28, the pair was trading down 0.40 percent  at 1.7594, lowest since 16th July.

• Immediate resistance is located at 1.7722 (38.2% fib), any close above will push the pair towards 1.7816( Sep 26th high).

• Immediate support is seen at 1.7533(23.6%fib) and break below could take the pair towards 1.7503 (Lower BB).

 Recommendation: Good to sell around 1.7600, with stop loss of 1.7650 and target price of  1.7540.