EUR/ZAR may rise 832 - 1192 pips

Our pivot point stands at 19.65.

Our preference

The upside prevails as long as 19.65 is support.

Alternative scenario

The downside breakout of 19.65 would call for 19.59 and 19.55.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 19.63 and 19.64). Finally, the EUR/ZAR has crossed above its upper Bollinger band (19.71).

Supports and resistances

19.92 **

19.88 *

19.85 **

19.81

19.73 last

19.67

19.65 **

19.59 *

19.55 **

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