• EUR/NZD edged higher on Monday but gains were limited ahead plethora of global economic data this week including a crucial U.S. jobs print.
• On the data front, a survey indicated that the decline in Germany's manufacturing sector continued to accelerate in August, while Eurozone manufacturing activity remained in contraction during the same period.
• Globally, primary focus will be on Friday's U.S. jobs report as investors place bets on the scope of potential rate cuts by the Federal Reserve this year.
• 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 1.7803(38.2%fib), any close above will push the pair towards 1.7928(50%fib)
• Support is seen at 1.7663(38.2%fib) and break below could take the pair towards 1.7582 (Lower BB)
Recommendation: Be on sidelines
