• EUR/NZD declined on Monday as weak data on Eurozone inflation and GDP weighed on euro.
• Consumer price growth in the 19 countries sharing the euro accelerated to 10.7% in October from 9.9% a month.
• Gross domestic product figures published on Monday by Eurostat confirmed eurozone growth slowed in the third quarter, rising 0.2 per cent from the previous quarter.
• Technical signals show the pair could lose more ground as RSI is falling, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7047(50%fib), any close above will push the pair towards 1.7091(5DMA).
• Immediate support is seen at 1.6890 (38.2%fib) and break below could take the pair towards 1.6776(Sep 26th low).
Recommendation: Good to sell round 1.6970, with stop loss of 1.7040 and target price of 1.6900
