• EUR/NZD initially gained on Monday but gains faded as the pair was weighed down by data showing weak German Ifo data.
• The Ifo institute reported that its business climate index stood at 86.4, falling short of analysts' forecasts of 87.8. This comes after a revised reading of 87.2 in November.
• Technical signals show RSI is at 40 , daily momentum studies 9, 10 and 11 DMAs are trending southwards
• Immediate resistance is located at 1.7594 (50% fib any close above will push the pair towards 1.7650(Dec 12th high).
• Immediate support is seen at 1.7471 (38.2% fib) and break below could take the pair towards 1.7400(Psychological level).
Recommendation: Good to sell around 1.7600, with stop loss of 7680 and target price of 1.7520
