EUR/NZD may rise 56 - 78 pips

Our pivot point stands at 1.7611.

Our preference

Rebound towards 1.7720.

Alternative scenario

Below 1.7611, expect 1.7574 and 1.7553.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.7653 and 1.7670). Finally, the EUR/NZD has penetrated its lower Bollinger band (1.7644).

Supports and resistances

1.7764 **

1.7742 *

1.7720 **

1.7698

1.7642 last

1.7625

1.7611 **

1.7574 *

1.7553 **

Number of asterisks represents the strength of support and resistance levels.