EUR/NZD may fall 90 - 131 pips

1.7935 is our pivot point.

Our preference

The downside prevails as long as 1.7935 is resistance.

Alternative scenario

The upside breakout of 1.7935, would call for 1.8004 and 1.8045.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.7891 and 1.7916). Finally, the EUR/NZD has penetrated its lower Bollinger band (1.7872).

Supports and resistances

1.8045 **

1.8004 *

1.7935 **

1.7907

1.7869 last

1.7779

1.7738 **

1.7696 *

1.7655 **

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