EUR/ZAR may fall 1324 - 1754 pips

19.89 is our pivot point.

Our preference

The downside prevails as long as 19.89 is resistance.

Alternative scenario

The upside breakout of 19.89, would call for 19.97 and 20.01.

Comment

The RSI is below its neutrality area at 50. 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 19.85 and 19.88).

Supports and resistances

20.01 **

19.97 *

19.89 **

19.87

19.83 last

19.70

19.66 **

19.61 *

19.57 **

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