EUR/ZAR may fall to 18.2080 - 18.5110

Our pivot point stands at 19.58.

Our preference

The downside prevails as long as 19.58 is resistance.

Alternative scenario

The upside breakout of 19.58, would call for 20.09 and 20.39.

Comment

The RSI is below 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 19.36 and 19.66).

Supports and resistances

20.39 **

20.09 *

19.58 **

19.38

19.14 last

18.51

18.21 **

17.90 *

17.60 **

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