EUR/NZD may fall 81 - 121 pips

1.8089 is our pivot point.

Our preference

Target 1.7907.

Alternative scenario

The upside breakout of 1.8089, would call for 1.8157 and 1.8197.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (1.8052) but above its 50 period moving average (1.8020). Finally, the EUR/NZD has penetrated its lower Bollinger band (1.8032).

Supports and resistances

1.8197 **

1.8157 *

1.8089 **

1.8063

1.8028 last

1.7947

1.7907 **

1.7867 *

1.7827 **

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