EUR/NZD may fall 84 - 124 pips

Our pivot point stands at 1.7953.

Our preference

The downside prevails as long as 1.7953 is resistance.

Alternative scenario

The upside breakout of 1.7953, would call for 1.8020 and 1.8060.

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 1.7922 and 1.7925).

Supports and resistances

1.8060 **

1.8020 *

1.7953 **

1.7927

1.7897 last

1.7813

1.7773 **

1.7733 *

1.7693 **

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