EUR/NZD may rise 87 - 127 pips

Our pivot point stands at 1.7959.

Our preference

The upside prevails as long as 1.7959 is support.

Alternative scenario

The downside breakout of 1.7959 would call for 1.7892 and 1.7852.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.7996 and 1.7950).

Supports and resistances

1.8237 **

1.8197 *

1.8157 **

1.8117

1.8030 last

1.7986

1.7959 **

1.7892 *

1.7852 **

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