EUR/NZD may rise 89 - 131 pips

Our pivot point is at 1.8028.

Our preference

Look for a drop towards 1.8028 before a bounce.

Alternative scenario

The downside breakout of 1.8028 would call for 1.7958 and 1.7916.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is below its 20 period moving average (1.8099) but above its 50 period moving average (1.8088).

Supports and resistances

1.8311 **

1.8269 *

1.8227 **

1.8185

1.8096 last

1.8056

1.8028 **

1.7958 *

1.7916 **

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