EUR/ZAR may rise 956 - 1316 pips

Our pivot point stands at 19.26.

Our preference

The upside prevails as long as 19.26 is support.

Alternative scenario

The downside breakout of 19.26 would call for 19.20 and 19.16.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 19.29 and 19.27).

Supports and resistances

19.53 **

19.49 *

19.46 **

19.42

19.32 last

19.28

19.26 **

19.20 *

19.16 **

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