• EUR/NZD initially gained on Monday but early rally fizzled as investors awaited economic data to provide insights into the European Central Bank's rate outlook..
• This week features a flurry of economic data, such as the euro zone's fourth-quarter GDP growth, consumer price inflation figures from Spain and the ZEW survey assessing industry expectations for the region's economy.
• A close below support at 38.2% fib will give further momentum to bears, opening the way for a run towards 1.7500 level.
• Immediate resistance is located at 1.7595(50% fib), any close above will push the pair towards 1.7626(Daily high).
• Strong support is seen at 1.7520 (38.2% fib) and break below could take the pair towards 1.7466 ( 23.6%fib).
Recommendation: Good to sell around 1.7580 , with stop loss of 1.7690 and target price of 1.7500
