FxWirePro: EUR/NZD drifts lower, vulnerable to more downside

• EUR/NZD slipped lower on Monday  as higher commodity prices and upbeat China's economic data  supported  kiwi dollar .

• Gold and silver hit fresh record highs, while oil slipped on worries that a potential U.S.–EU trade war could hurt global growth and demand.

•  Data showed China’s economy grew 5.0% last year, meeting the government’s target by capturing a record share of global goods demand to offset weak domestic consumption, though this strategy is becoming increasingly difficult to sustain.

• Looking ahead, New Zealand will release its Q4 CPI on Friday, with a Reuters poll forecasting a 0.5% q/q rise, keeping annual inflation at 3%, the upper end of the RBNZ’s 1%–3% target band.

• Immediate resistance is located at 2.0181(38.2%fib), any close above will push the pair towards 2.0303(Jan 15th high).

• Immediate support is seen at 2.0077(38.2%fib) and break below could take the pair towards 2.0052(Lower BB).

Recommendation: Good to sell  around 2.0100 with stop loss of 2.0200 and target price of 2.0030