• EUR/NZD declined on Friday as concerns over slow growth in the euro zone and growing concerns about Ukraine-Russia stress weighed on euro.
• Political instability in Germany and France, alongside investor expectations for aggressive ECB rate cuts also weighed euro.
•Trading volumes declined heading into the U.S. Thanksgiving holiday on Friday, with many traders out from Friday market.
• 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 1.7918(38.2%fib), any close above will push the pair towards 17962(21SMA)
• Support is seen at 1.7824(50%fib) and break below could take the pair towards 1.7761(61.8%fib))
Recommendation: Good to sell around 1.7850, with stop loss of 1.7930 and target price of 1.7770
