EUR/NZD may fall 89 - 133 pips

1.7978 is our pivot point.

Our preference

The downside prevails as long as 1.7978 is resistance.

Alternative scenario

The upside breakout of 1.7978, would call for 1.8051 and 1.8095.

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 is trading under both its 20 and 50 period moving average (respectively at 1.7952 and 1.7945). Finally, the EUR/NZD is trading below its lower Bollinger band (standing at 1.7920).

Supports and resistances

1.8095 **

1.8051 *

1.7978 **

1.7950

1.7915 last

1.7826

1.7782 **

1.7739 *

1.7695 **

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