• EUR/NZD initially gained Monday but gains faded as the pair was weighed down by data showing weak German exports data .
• In October, German exports unexpected declined, decreasing by 0.2% compared to the previous month, primarily due to weak demand within the European Union.
• EUR/NZD remains well below 1.8677( 50%fib),Daily close below 38.2%fib increase the scope for much bigger drop.
• Technical signals show RSI is at 38 , daily momentum studies 9, 10 and 11 DMAs are trending southwards
• Immediate resistance is located at 1.7580 (38.2% fib), any close above will push the pair towards 1.7636(5DMA).
•Immediate support is seen at 1.7482 (23.6% fib) and break below could take the pair towards 1.7424 (June 16th low).
Recommendation: Good to sell around 1.7600, with stop loss of 1.7700 and target price of 1.7520
