• EUR/NZD declined sharply on Friday as euro continued lose ground as soft EU inflation numbers added to ECB’s dovish stance.
• Consumer price growth in the 20 nations sharing the euro currency dropped to 2.4% in November from 2.9% in October, well below expectations for 2.7%.
• Bearish are on course to force a daily close under 23.6% fib support,that would open the pathway towards 1.7400 level.
• Immediate resistance is located at 1.7651(38.2%fib), any close above will push the pair towards 1.7768(50%fib).
• Strong support is seen at 1.7508(23.6% fib) and break below could take the pair towards 1.7476 ( Jul 6th low).
Recommendation: Good to sell around 1.7520, with stop loss of 1.7600 and target price of 1.7400
