EUR/NZD may rise 73 - 106 pips

1.8047 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 1.8047 would call for 1.7991 and 1.7958.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (1.8086) but under its 50 period moving average (1.8103).

Supports and resistances

1.8265 **

1.8232 *

1.8199 **

1.8166

1.8093 last

1.8068

1.8047 **

1.7991 *

1.7958 **

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