FxWirePro: EUR/NZD falls on poor euro zone data, plunge to test a key fibo grows

• EUR/NZD declined on Thursday as euro attracted seller following downbeat Eurozone PMI data.

• At GMT 15:29, the pair was trading down 1.24 percent  at 1.7995 after reaching daily high at 1.8272.

• The scope is growing for an eventual drop below lower bollinger bands . A daily close below lower bolling bands(1.7795) will expose 1.7495 (23.6% fib).

• Technical signals are bearish as RSI is at 43, daily momentum studies  5, 9 and 10 DMAs are pointing southwards. 

• Immediate resistance is located at 1.7997 ( 38.2% fib), any close above will push the pair towards 1.8085 (5 DMA).

• Strong support is seen at 1.7795 (Lower BB) and break below could take the pair towards 1.7540 (23.6% fib).

Recommendation: Good to sell around 1.7950, with stop loss of 1.8380  and target price of 1.7550