• EUR/NZD initially dipped bur recovered some ground as investors digested Eurozone retail sales data and awaited fresh catalyst.
• Retail sales in the eurozone were flat in October, underscoring household caution as the bloc looks to consumers to power an economic recovery.
• Sales volumes were flat on the month, compared with a revised 0.1% rise in September, data from the Eurostat showed on Thursday. Economists polled had forecast a 0.1% increase.
• On an annual basis, retail sales showed stronger momentum, rising 1.5% in October from 1.2% in September and slightly above expectations for a 1.4% increase.
• Immediate resistance is located at 2.0341(Dec 3rd high), any close above will push the pair towards 2.0401(38.2fib).
• Immediate support is seen at 2.0176 (50%fib) and break below could take the pair towards 2.0112(Lower BB).
Recommendation: Good to sell around 2.0230 with stop loss of 2.0330 and target price of 2.0160
