EUR/CNH may fall 181 - 281 pips

7.84 is our pivot point.

Our preference

Under pressure below 7.84.

Alternative scenario

Above 7.84, look for 7.85 and 7.86.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 7.82 and 7.82).

Supports and resistances

7.86 **

7.85 *

7.84 **

7.83

7.82 last

7.80

7.79 **

7.78 *

7.77 **

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