FxWirePro:EUR/NZD drifts lower , could be on verge of a bigger drop

• EUR/NZD declined on Thursday as downbeat euro zone manufacturing activity and   stronger  kiwi dollar weighed on the pair. 

• HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 45.7 in April from March's 46.1.

• The pair reaches 1.7996 after extending south from 1.8110(Daily high). A close above 1.7979  support will push  the pair towards 1.7900.

• Technical signals show the pair could lose more ground as RSI has turned sharply lower, and 5, 9 DMA’s are trending south.
 
• Immediate resistance is located at 1.8023 (38.2%fib), any close above will push the pair towards 1.8110(50%fib).

• Immediate support is seen at 1.7979 (Daily low) and break below could take the pair towards 1.7924 (23.6%fib).

Recommendation: Good to sell round 1.8000, with stop loss of 1.8100 and target price of 1.7920