FxWirePro: EUR/NZD drifts lower , could be on verge of a bigger drop

• EUR/NZD slipped lower  as  easing U.S.–China trade tensions, coupled with Trump’s pledge to keep Fed Chair Powell, soothed investor nerves and sparked a risk on mood.

• On the data front, European business growth stalled this month, with surveys showing that erratic U.S. trade policies are impacting sentiment, though output remains unaffected for now.

•  Hamburg Commercial Bank's preliminary composite euro zone PMI, compiled by S&P Global, fell to 50.1 this month from 50.9 in March.

• The euro zone services PMI dropped to 49.7 from 51.0, falling short of the expected decline to 50.5.

• Immediate resistance is located at 1.9126 (50% fib), any close above will push the pair towards 1.9353 (38.2%fib).

• Immediate support is seen at 1.8911 (61.8% fib) and break below could take the pair towards 1.8727(April 2nd low).

Recommendation: Consider selling around 1.9050, with a stop loss at 1.9260 and a target price of 1.8900.