• EUR/NZD declined on Friday as euro attracted sellers after data showed business activity in the euro zone experienced a deeper downturn in December.
• HCOB's preliminary Composite PMI, as compiled by S&P Global, declined to 47.0 this month, down from November's 47.6. This marks the seventh consecutive month that the index has remained below the critical 50 level.
• The euro erased Thursday’s gains against the kiwi dollar , the pair was last down at 0.89% at 1.7543 .
• Technical signals show the pair could lose more ground as RSI has turned bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7589 (38.2%fib), any close above will push the pair towards 1.7624(14DMA).
• Immediate support is seen at 1.7512 (Dec 13th low) and break below could take the pair towards 1.7459 (23.6%fib).
Recommendation: Good to sell round 1.7550, with stop loss of 1.7650 and target price of 1.7430
