EUR/NZD may fall 80 - 117 pips

Our pivot point is at 1.7915.

Our preference

The downside prevails as long as 1.7915 is resistance.

Alternative scenario

The upside breakout of 1.7915, would call for 1.7977 and 1.8014.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.7870 and 1.7872).

Supports and resistances

1.8014 **

1.7977 *

1.7915 **

1.7891

1.7860 last

1.7780

1.7743 **

1.7707 *

1.7670 **

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