EUR/ZAR may rise 1397 - 1997 pips

Our pivot point is at 19.94.

Our preference

The upside prevails as long as 19.94 is support.

Alternative scenario

Below 19.94, expect 19.84 and 19.78.

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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 19.94 and 19.90). Finally, the EUR/ZAR has crossed above its upper Bollinger band (20.05).

Supports and resistances

20.37 **

20.31 *

20.25 **

20.19

20.05 last

19.98

19.94 **

19.84 *

19.78 **

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