• EUR/NZD declined on Monday as the pair attracted sellers after data showed US factory activity slips for a second month in May.
• The Institute for Supply Management's manufacturing purchasing managers index for May fell to 48.7 from 49.2 in April.
• At GMT 15:37, the pair was trading down 0.28 percent at 1.7611.
• Technical signals show the pair could lose more ground as RSI is falling at 34, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7672(38.2%fib), any close above will push the pair towards 1.7775(50%fib).
• Immediate support is seen at 1.7573 (38.2%fib) and break below could take the pair towards 1.7531(Lower BB ).
Recommendation: Good to sell round 1.7630, with stop loss of 1.7740 and target price of 1.7560
