EUR/ZAR may fall 857 - 1197 pips

Our pivot point is at 19.36.

Our preference

As long as 19.36 is resistance look for 19.18.

Alternative scenario

The upside breakout of 19.36, would call for 19.41 and 19.45.

Comment

The RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI should trigger further losses. Moreover, the price stands above its 20 period moving average (19.30) but below its 50 period moving average (19.30).

Supports and resistances

19.45 **

19.41 *

19.36 **

19.33

19.30 last

19.22

19.18 **

19.15 *

19.12 **

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