FxWirePro: EUR/NZD drops below 1.7900 level, heads deeper into bear territory

• EUR/NZD slipped lower  on Thursday as euro attracted sellers  on news that Russia  had for the first time fired an intercontinental ballistic missile on Ukraine.

•The ECB's Financial Stability Review released Wednesday indicated concerns about sovereign debt levels have risen. Rising interest costs, high levels of sovereign debt and policy uncertainty helped fuel those concerns

• The Euro area’s November HCOB PMIs and Germany’s Q3 GDP report will be released on Friday. Weak data suggesting a slowdown in economic growth could heighten investor uncertainty and push the euro further lower.

• The technical outlook remains bearish and points to eventual bigger losses, fourteen-day momentum is negative, reinforcing the scope for a bigger slump  

• Immediate resistance is located at 1.7991(50%fib), any close above will push the pair towards 1.8070(18th high)

• Support is seen at 1.7849(38.2%fib) and break below could take the pair towards 1.7809(Lower BB

Recommendation: Good to sell around 1.7880, with stop loss of 1.7960 and target price of 1.7800