• EUR/NZD initially gained on Wednesday but gave up ground on worries about a slowing Chinese economy.
• Chinese data showed factory and retail sales growth cooled more sharply than expected last month.
• At GMT 17:35, the pair was trading down 0.05 percent at 1.6620 after reaching daily high at 1.6685.
• Technical signals are bearish as RSI is at 41, daily momentum studies 9,11 and 21 DMAs are trending down.
• Immediate resistance is located at 1.6655(38.2%fib ), any close above will push the pair towards 1.6570(23.6%fib).
• Strong support is seen at 1.6606(50% fib) and break below could take the pair towards 1.6548 (61.8% fib).
Recommendation: Good to sell around 1.6620, with stop loss of 1.6750 and target price of 1.6550
