• EUR/NZD saw little momentum on Monday as investors awaited several key economic data releases this week, seeking clues about the future direction of monetary policy.
• On the data front, German business morale fell for a third consecutive month in august, according to a survey released on monday, dampening recovery hopes for europe's largest economy.
• The ifo institute reported that its business climate index dropped to 86.6 in august from 87.0 in july, although it was slightly above the analysts' forecast of 86.0.
• 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 1.8069(38.2%fib), any close above will push the pair towards 1.8162(Aug 13th high)
• Support is seen at 1.7940(50%fib) and break below could take the pair towards 1.7884 (Lower BB)
Recommendation: Good to sell around 1.8000, with stop loss of 1.8060 and target price of 1.8720
