EUR/ZAR may fall 1148 - 1638 pips

Our pivot point stands at 20.06.

Our preference

The downside prevails as long as 20.06 is resistance.

Alternative scenario

Above 20.06, look for 20.15 and 20.20.

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 20.01 and 20.00). Finally, the EUR/ZAR is trading below its lower Bollinger band (standing at 19.98).

Supports and resistances

20.20 **

20.15 *

20.06 **

20.03

19.98 last

19.87

19.82 **

19.77 *

19.72 **

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