EUR/ZAR may rise to 20.7780 - 21.2590

Our pivot point is at 19.04.

Our preference

Rebound.

Alternative scenario

Below 19.04, expect 18.24 and 17.76.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (19.73) but below its 50 period moving average (19.87).

Supports and resistances

22.22 **

21.74 *

21.26 **

20.78

19.74 last

19.35

19.04 **

18.24 *

17.76 **

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