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FxWirePro: EUR/NZD eases slightly as investors digest Eurozone business activity data
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• EUR/NZD initially gained but gave up ground as investors digested Eurozone business activity data.
• Growth in the euro zone services sector accelerated slightly in September to an eight-month high and Germany's services sector also recorded its fastest growth in eight months.
•S&P Global reported that the HCOB Eurozone Services PMI Business Activity Index increased to 51.3 in September from 50.5 in August, marking a fourth straight month of expansion•Meanwhile in France, its dominant services sector contracted more than initially estimated in September while British business activity grew at the slowest pace in five months.
• Immediate resistance is located at 2.0198( Oct2nd high), any close above will push the pair towards 2.0318 (23.6%fib)• Strong support is seen at 2.0105(Daily low ) and break below could take the pair towards 1.9987 (38.2%fib).
Recommendation: Good to buy around 2.0120 with stop loss of 2.0050 and target price of 2.0200