• EUR/NZD slipped lower on Monday as kiwi dollar was boosted by upbeat performance of services index data.
• The services sector in New Zealand moved back up into expansion territory in January, the latest survey from Business NZ revealed on Monday with a Performance of Services Index score of 52.1.
• EUR/NZD has seen a 1.7599-1.7517 range on Monday, chart points to an drop towards 1.7450.
• Technical signals show the pair could lose more ground as RSI is at 42, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7581(38.2%fib), any close above will push the pair towards 1.7644 (Feb 15th high).
• Immediate support is seen at 1.7508(Lower BB) and break below could take the pair towards 1.7477(23.6%fib).
Recommendation: Good to sell round 1.7540, with stop loss of 1.7640 and target price of 1.7450
