• EUR/NZD dipped on Thursday as weaker Eurozone GDP data and dovish ECB outlook weighed on euro .
• The data showed that the gross domestic product (GDP) in the eurozone contracted by 0.1% in the third quarter compared to the preceding three months.
• EUR/ NZD chart has taken a turn for the worse ,a close below support at 23.6%fib will give further momentum to bears, opening the way for a run towards 1.7400level.
• Technical signals show the pair could lose more ground as RSI has turned sharply lower, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7550 (5DMA), any close above will push the pair towards 1.7601(38.2%fib).
• Immediate support is seen at 1.7465 (23.6%fib) and break below could take the pair towards 1.7412 (Jun 15th low).
Recommendation: Good to sell round 1.7500, with stop loss of 1.7670 and target price of 1.7400
