EUR/NZD may fall 84 - 125 pips

Our pivot point stands at 1.7918.

Our preference

The downside prevails as long as 1.7918 is resistance.

Alternative scenario

The upside breakout of 1.7918, would call for 1.7988 and 1.8029.

Comment

The RSI is below 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 1.7890 and 1.7914). Finally, the EUR/NZD has penetrated its lower Bollinger band (1.7865).

Supports and resistances

1.8029 **

1.7988 *

1.7918 **

1.7891

1.7862 last

1.7778

1.7737 **

1.7695 *

1.7654 **

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