• EUR/NZD dipped on Monday after data showed Euro zone manufacturing activity contracted faster than expected in June.
• Compiled by S&P Global, HCOB's final manufacturing Purchasing Managers' Index (PMI) fell to 43.4 from May's 44.8.
• EUR/NZD dipped to hit daily at 1.7706 low and recovered to trade last at 1.7738. Sustained break below 50%fib would target next support at 1.7585 .
• Strong resistance is located at 1.7827 (38.2%fib), any close above will push the pair towards 1.7935 (June 39th high).
• Strong support is seen at 1.7681 (20DMA) and break below could take the pair towards 1.7645 (50%fib ).
Recommendation: Good to sell around 1.7740, with stop loss of 1.7850 and target price of 1.7670
