EUR/CZK may fall to 24.194 - 24.346

Our pivot point stands at 24.912.

Our preference

The downside prevails as long as 24.912 is resistance.

Alternative scenario

The upside breakout of 24.912, would call for 25.167 and 25.319.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 24.925 and 25.124).

Supports and resistances

25.319 **

25.167 *

24.912 **

24.812

24.690 last

24.346

24.194 **

24.043 *

23.892 **

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