EUR/ZAR may fall 1477 - 2117 pips

Our pivot point stands at 19.97.

Our preference

As long as 19.97 is resistance look for 19.67.

Alternative scenario

The upside breakout of 19.97, would call for 20.08 and 20.15.

Comment

The RSI is below 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI would call for further upside. Moreover, the price stands above its 20 period moving average (19.88) but below its 50 period moving average (19.90).

Supports and resistances

20.15 **

20.08 *

19.97 **

19.93

19.88 last

19.73

19.67 **

19.61 *

19.54 **

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