• EUR/NZD edged lower on Wednesday as stronger kiwi dollar offset upbeat Euro zone’s PMI data.
• The euro zone’s composite PMI rose to 52.8 in November from 52.5 in October, marking a sixth straight month of expansion and signalling improving economic momentum.
• The services PMI climbed to 53.6 last month from 53.0 in October, reaching its highest level since May 2023 as new business volumes grew at the strongest pace in 18 months.
• PMI readings above 50.0 indicate growth in activity, while those below that level point to a contraction.
• Immediate resistance is located at 2.0269(38.2%fib), any close above will push the pair towards 2.0348(Dec 3rd high).
• Immediate support is seen at 2.0073 (Lower BB) and break below could take the pair towards 2.0041(23.6%fib).
Recommendation: Good to sell around 2.0250 with stop loss of 2.0330 and target price of 2.0170
